Seek the best ways in spending allotted budgets for the people

NOW is the new era with changing the setting of the financial year from 1 October to 30 September to 1 April to 31 March starting from the 2022-2023 financial year. The past setting of the financial year from 1 October to 30 September was set by the previous government. Hence, the interim budget must be drawn for six months from 1 October 2021 to 31 March 2022.

The country may face some economic loss with declining incomes including that from taxes and other income in the coming six months. As the government must spend the expenditure on prevention, control and treatment of COVID-19 without fail, union ministries need to scrutinize the expenditures as much as they can. The estimated income must be actual income to be gained within six months, and the estimated expenditure must be actual cost within six months.

After the annual budget law was enacted, Union ministries need to spend the budget on the implementation of projects. It is because the State budget is obtained from incomes and taxes paid by the people. Hence, ministries need to carefully spend the budgets funded by the people on essential projects. Moreover, all ministries are responsible for seeking the best ways how to earn income for the State treasury.

Spending of the budget must be in line with the policies, financial rules and regulations as well as work procedures adopted by the State. In so doing, implementation of the projects at the Union level should not be overlapped with that of regions and states not to waste the funds.

The budget must be sought in advance for the coming financial period. It is necessary to systematically spend the budget in the set period. Otherwise, the remaining budget must be given back to the government. It is necessary to take care of earning income to meet the target and spending expenditure to avoid nine points of weakness examined by the Office of the Auditor-General of the Union and to be in line with financial rules and regulations.

The allotted budget is the primary source for the development of the nation. Those at the management level need to exercise thrifty measures in spending the budget on the implementation of the projects, which must directly benefit taxpayer people.