J & K’s financial system is one of the most transparent systems: LG
Sinha on Wednesday published “Annual Report – Promoting Good Governance” compiled by the finance department to present the main initiatives it has undertaken in 2020-2021 to bring transparency and accountability in the execution of public works.
“The promotion of good governance in financial management has been one of the main objectives of the government. J & K’s union territory financial system is one of the most transparent systems in the world and is one of the major changes that have taken root in UT, ”the Lieutenant Governor said.
The report in the form of an eBook provides an overview of the reforms, measures implemented by the finance department to institutionalize prudence in the financial management of J&K, which has truly transformed the territory of the Union.
The lieutenant governor also highlighted the main reforms undertaken by the government to make the financial system transparent and make it more robust.
Sinha said that implementing transformative reforms such as BEAMS (System for Estimating and Tracking Budget Allocations) which enables online budgeting process and timely release of funds against approved works, submission in Line of invoices through J&K PaySys and mandatory administrative approvals, among others, brought J&K systems to the same level as all other progressive systems in the country.
Unprecedented levels of transparency have been achieved through Empowerment (allowing tracking and a public overview of work in progress and resources for meaningful transparency), which is a web portal that hosts all work in progress in the UT and allows public supervision of all work in progress. Sinha observed.
“Our government believes in the four Ps mantra: peace, progress, prosperity and people first, for holistic development and to make Jammu and Kashmir Atmanirbhar,” he said. PTI AB BAL BAL
Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI