JK Moving Towards ‘Modern Financial Architecture’: Dr Drabu

JAMMU: Minister for Finance, Labour and Employment Dr Haseeb A Drabu on Tuesday said that the government is taking steps for a complete overhaul of fiscal management to move away from the primordial, archaic type of financial setup to a Modern Financial System.

The Minister said this after inaugurating the new Finance Complex at Muthi, Jammu, an official spokesperson said.

While addressing a large gathering of officers and officials from finance and allied departments, Dr Drabu said, “we are moving into a regime of extraordinary complicated but efficient financial system which require a large-scale capacity building.”

Dr Drabu said that finance department has to play its role as a regulator and a facilitator and the onus of doing that lies with the officials of the department.

The Minister said that officials at the department and those deputed with other developmental, cooperative departments must pay special attention on regularising the expenditure of public money. “Public money needs to be treated like our own money; only then can the financial system of the state be streamlined and stabilised,” Dr Drabu maintained.

Congratulating the department for the new complex, the Minister suggested for establishing a special library for exclusively Finance related literature, setting up a data centre besides  creating room for archives and old  records at the complex.

The complex spread over 16 kanals has been constructed at the cost of Rs 10.65 crore and the project was executed by JDA.

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