Finance minister initiates budget consultation

Finance Minister Haseeb A Drabu has asked for effective financial management to ensure productive use of resources.
Finance minister initiates budget consultation
File Photo

Finance Minister Haseeb A Drabu has asked for effective financial management to ensure productive use of resources.

Finance minister was speaking during a meeting convened with administrative secretaries here today to discuss the thrust areas and policy framework for the Budget 2017-18, an official statement said.

The meeting also discussed in detail the budget proposals projected by various departments.

The finance minister called for evolving expenditure policies of the respective departments regardless of the resources required. He emphasized quality of expenditure over the quantum of resources and insisted this is the only way to ensure that the surging transaction costs on governance are used to affect productive changes.

Drabu said that the budget should not be about numbers but it must outline the fiscal policy and development strategy of the government and must be directed towards policy outcomes on government priorities including public expenditure."Expenditure efficiency must define the outcome of expenditure and for this we can attempt zero budgeting than incremental budgeting, which is in vogue," he said.

He said availability of resources comes only next to the quality of expenditure. "We may have lot of resources but more important is how we are spending and for what?" Drabu said and called for "institutional audit and social audit going side by side."

The finance minister said that after spending the money, the state should be able to verify the outcome in terms of assets created on the ground.

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