Q7.India is an emerging economic power of the world as it has recently secured the status of fourth largest economy of the world as per IMF projection. However, it has been observed that in some sectors, allocated funds remain either under-utilised or misutilised. What specific measures would you recommend for ensuring accountability in this regard to stop leakages and gaining the status of third largest economy of the world in near future?

India's ascent as the world's fourth-largest economy is commendable. However, under-utilization and misutilization of allocated funds in key sectors impede its progress towards becoming the third-largest. Ensuring robust accountability is crucial to curb leakages and accelerate growth.

1. Institutional & Legal Reforms

• Strengthen CAG's role, internal audits, and parliamentary scrutiny for enhanced oversight.
• Implement strict, swift punitive action against corruption and negligence.
• Establish clear Key Performance Indicators (KPIs) and robust monitoring & evaluation frameworks for projects.

2. Technological Interventions

• Leverage PFMS, DBT, and e-governance platforms for real-time fund tracking and transparency.
• Utilize data analytics to identify anomalies and potential leakages proactively.

3. Human Resource & Ethical Frameworks

• Promote ethical conduct through codes of ethics, whistle-blower protection, and integrity pacts.
• Invest in capacity building for civil servants on financial management and accountability.

4. Citizen & Social Accountability

• Mandate proactive disclosure of fund utilization data via public dashboards.
• Institutionalize social audits to empower citizens in monitoring expenditure.

These integrated measures will foster a culture of accountability, optimize resource utilization, and propel India towards its goal of becoming the third-largest economy.