Ministries, departments told to get cracking on budget moves
NEW DELHI: A day after the budget, finance ministry has shot off a letter telling ministries and departments to get cracking with the execution of the budget proposals.
The letter asks all secretaries to start the process of implementation of budget proposals, especially the ones that need policy changes, such as merger of oil companies. Other changes that require attention include the abolition of Foreign Investment Promotion Board, legal changes to confiscate the assets of big offenders, amendments to the Payment and Settlement Systems Act, 2007, and more foreign direct investment policy reforms.
The government is keen to get the programmes going with the very start of the new fiscal. This year the government has advanced the presentation of the budget by a month to ensure that the budget process is completed before the new financial year starts. “This would enable the ministries and departments to operationalise all schemes and projects, including the new schemes, right from the commencement of the next financial year. They would be able to fully utilise the available working season before the onset of the monsoon,” finance minister Arun Jaitley said in his budget speech.
The government has this year also brought out for the first time a consolidated outcome budget covering all ministries and departments. Spending by ministries as also implementation on the ground of announcements would be monitored closely not just by the finance ministry but also by the prime minister's office.
The government is keen that departments that deal with infrastructure creation need to ensure implementation at the ground level. The finance ministry will hold monthly review meetings for this purpose.
The letter asks all secretaries to start the process of implementation of budget proposals, especially the ones that need policy changes, such as merger of oil companies. Other changes that require attention include the abolition of Foreign Investment Promotion Board, legal changes to confiscate the assets of big offenders, amendments to the Payment and Settlement Systems Act, 2007, and more foreign direct investment policy reforms.
The government is keen to get the programmes going with the very start of the new fiscal. This year the government has advanced the presentation of the budget by a month to ensure that the budget process is completed before the new financial year starts. “This would enable the ministries and departments to operationalise all schemes and projects, including the new schemes, right from the commencement of the next financial year. They would be able to fully utilise the available working season before the onset of the monsoon,” finance minister Arun Jaitley said in his budget speech.
The government has this year also brought out for the first time a consolidated outcome budget covering all ministries and departments. Spending by ministries as also implementation on the ground of announcements would be monitored closely not just by the finance ministry but also by the prime minister's office.
The government is keen that departments that deal with infrastructure creation need to ensure implementation at the ground level. The finance ministry will hold monthly review meetings for this purpose.
