CAG Hosts Inaugural State Finance Secretaries Conference to Reform Financial Reporting

The first State Finance Secretaries Conference, organized by India's Comptroller and Auditor General (CAG), brought together federal and state finance officials to discuss reforms in public financial management. Key discussions included harmonizing expenditure reporting and advancing monthly state account finalizations, with an aim to enhance transparency and accountability.

In a major move to reform financial management practices, the Comptroller and Auditor General (CAG) of India convened the first-ever State Finance Secretaries Conference in New Delhi. The event drew federal and state finance officials, including representatives from the Reserve Bank of India and the Ministry of Finance, to discuss pressing fiscal issues.

The CAG, pivotal in the Indian federal fiscal structure, serves as a critical link between the Union and State Governments. Besides auditing public sector entities, it also compiles state accounts for legislative review. This conference aimed to bolster CAG's outreach efforts and improve financial communication between different levels of government.

Addressing the conference, CAG Girish Chandra Murmu emphasized harmonizing expenditure classifications and pushing for timely monthly state accounts. With the deputy CAG announcing the event's annual recurrence, the conference is set to become a staple in the financial dialogue calendar, facilitating significant enhancements in public financial management.

(With inputs from agencies.)