Phase IFoundation
Background
Overview
Effective public financial management is crucial for good governance, efficient resource allocation, and achieving development goals. UPSC examines these challenges to assess a candidate's understanding of administrative reforms and policy solutions for improving public service delivery and accountability.
Public Financial Management (PFM) encompasses the systems and processes used by governments to manage public resources effectively, including budgeting, expenditure, revenue collection, and auditing. Challenges in PFM often lead to inefficiencies, misutilisation of funds, and hinder effective governance and public service delivery.