Big deal between India-ADB for ‘digital development’ in West Bengal!
The Asian Development Bank (ADB) and the Government of India on Wednesday signed a policy-based loan of $50 million (about Rs 3,68,64,85,000) aimed at improving financial management processes and operational efficiency, with the aim of West Bengal. It is to increase the fiscal savings in the state, promote information-based decision making and improve the payment of services.
Dr. CS Mohapatra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance, on behalf of the Government of India, for the West Bengal Public Finance Management Investment Program and Takeo Konishi, Country Director of ADB India Resident Mission on behalf of ADB.
Fund will be spent on the development of West Bengal
Dr. Mahapatra said that the whole government approach has been adopted in the program. The integration of the state’s financial and information systems will improve the delivery of public services and increase fiscal savings, which will help the state in financing development projects.
Konishi said that the program, with the support of e-government platforms with interoperability facility, will streamline social security benefits such as pensions and provident funds, facilitate gender-based data, tax payments and revenue collection.
Focus on increasing technology efficiency
Development projects can be better monitored with the help of a new module under the Integrated Financial Management System (IFMS). This will improve the management of the project. A finance policy and public finance center will be established to improve the efficiency of state government officials in public finance management. A web-based grievance redressal system will be developed for transport corporations and urban local bodies, which will facilitate a reliable citizen-government interface.
The current loan is based on ADB’s 2012 and 2017 policy programs, which support the West Bengal government for sustainable public financial management reforms. These programs helped develop and implement IFMS, establish successful e-governance systems for better revenue administration, take measures to rationalize expenditure and encourage private sector participation in service delivery.
The loan is proposed to be supplemented by a technical assistance grant of $3,50,000 for capacity building, monitoring of IFMS reforms and strengthening the integration of social and gender aspects in the reform areas. ADB is committed to a prosperous, inclusive, tolerant and sustainable Asia and Pacific region, while continuously striving to eradicate extreme poverty. Founded in 1966, ADB is owned by 68 members (49 of the area).
