Government approves implementation of IFMS

The Delhi Government has approved the implementation of an integrated financial management system (IFMS) costing Rs 261.66 crore to serve as a unified platform enabling real-time financial information, improved resource utilisation and transparency.

The expenditure finance committee (EFC) of the government, in its recent meeting headed by Chief Minister Rekha Gupta, approved the IFMS project proposal of the finance department.

The department pointed out challenges faced by it in financial management and fiscal oversight due to the lack of real-time information from various stakeholders, the existence of multiple outdated IT systems and inefficiencies of resource utilisation, the officials said.

IT major Deloitte was selected to assist the finance department in the conceptualisation and design of the IFMS.

The system will be hosted on the Ministry of Electronics and Information Technology (MeitY), providing a high degree of scalability and security, said an official document.

Implementation of the IFMS will significantly improve efficiency, transparency, accountability and fiscal governance across the Delhi government, it said.

The IFMS project duration is 90 months, divided into distinct phases to ensure structured implementation and sustained operations. The project will be developed in two years, said the document.

The EFC, after detailed deliberation over the requirements of IFMS and its technical, administrative, operational, maintenance and financial aspects, approved the project and sanctioned the estimated cost of Rs 261.66 crore for it.