Sitharaman emphasized that the DBT system allows for direct transfers to the accounts of eligible beneficiaries, effectively eliminating the need for intermediaries. This innovation has not only facilitated efficient fund distribution but has also proven critical in reducing wastage of public funds. She proudly stated, “The adoption of digital technology in India has reduced the wastage of money. It has made it easier to eliminate fraudulent transactions and fake accounts.”

The direct fund transfer initiative has benefited various segments of the population, with funds allocated for subsidies, pensions, scholarships, and more. Notably, the PM Kisan Yojana has disbursed ₹3.04 lakh crore to 11 crore farmers, showcasing the program’s commitment to supporting rural livelihoods.

Sitharaman also highlighted the importance of digital transactions between the central government and the states, revealing a single model account system designed to facilitate smooth transfers of the central share for various state schemes. This ensures that funds reach the intended beneficiaries without delay or mismanagement.

The finance minister’s insights come at a time when financial transparency and accountability are critical to maintaining public trust. By leveraging technology, the Indian government aims to safeguard taxpayer money and ensure that every rupee spent serves its intended purpose.

“The biggest challenge is to prevent wastage of money,” Sitharaman remarked, underscoring the government’s commitment to fiscal responsibility. As the nation progresses towards greater digital integration, the emphasis on efficient financial management and transparency will continue to shape India’s economic landscape.

Through the successful implementation of DBT and the integration of digital technology in finance, the Indian government is setting a global standard for financial governance and public service delivery, paving the way for a more transparent and accountable administration.

The post Finance Minister Nirmala Sitharaman Highlights ₹38 Lakh Crore Transferred via Direct Benefit Transfer in 8 Years appeared first on Vizag One.