Public funds are used by the executive to implement their policies and to maintain law and order, but public funds are misused in most of the cases. This is the reason that allocation of public funds is not only important, but it is also necessary to ensure effective use of them.
Why is it important to ensure effective utilization of public funds?
Effective use of public funds is necessary because it has been found in many cases when public funds were used in the propagation of political propaganda and party's own agenda.
During the implementation of several schemes, such cases came to light that public funds were being misused. For example, MNREGA and Public Distribution System received extensive misuse of public funds.
Due to corruption, the funds allocated for the related scheme are misused so that there is a problem in achieving the actual purpose of the scheme. This is the reason that proper use of public funds must be ensured.
Proper measures to ensure the best use of public funds:-
Transparency is the most important in terms of public funds. E-governance should be adopted for this.
There is a need to make social audit widely applicable and make people aware about it.
The authorities need to be trained in such a manner so that they can understand the relevance and importance of public fund expenditure.
At the same time, the authorities need to provide proper ethical training so that they have a sense of zero tolerance towards corruption.
The conventional arrangements such as Audit by the Comptroller and Auditor General need to be further strengthened and arranged.
Conclusion:
In conclusion, it can be said that proper utilization of public funds is very important as public funding is a major contributor to the economic and social development of the country.
