Budget process governed by 3Es - economy, efficiency & effectiveness
The world’s most successful countries like Australia, New Zealand, Singapore, Malaysia, UK, France, US, Canada etc. use quality/efficiency/effectiveness indicators to prepare government budgets. Most importantly, international institutions like the World Bank and IMF provide technical and training support to countries that want to adopt performance budgeting. For India, the largest democratic nation, it is high time we incorporate such a model. India then can aptly compare itself globally with key indicators, the way most developed countries have done so. Setting key social, economical and political achievements, it can frame strategies at a micro-level to attain them. In the present conventional budget, where there is no link between budget appropriations and outputs delivered, India can identify its desired outcome by preparing appropriate approaches incorporating a path to progress towards the budget.
The world’s most successful countries like Australia, New Zealand, Singapore, Malaysia, UK, France, US, Canada etc. use quality/efficiency/effectiveness indicators to prepare government budgets. Most importantly, international institutions like the World Bank and IMF provide technical and training support to countries that want to adopt performance budgeting. For India, the largest democratic nation, it is high time we incorporate such a model. India then can aptly compare itself globally with key indicators, the way most developed countries have done so. Setting key social, economical and political achievements, it can frame strategies at a micro-level to attain them. In the present conventional budget, where there is no link between budget appropriations and outputs delivered, India can identify its desired outcome by preparing appropriate approaches incorporating a path to progress towards the budget.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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