Q. 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.

Model Answer:

India’s achievement as the world’s fourth-largest economy represents both triumph and challenge. While IMF projects potential third position by 2028, persistent fund under-utilization and misutilization in critical sectors undermines this trajectory. These aren’t mere administrative failures but ethical breaches violating public trusteeship principles.

Specific Accountability Measures:

Financial & Technological Integration:
• Expand Direct Benefit Transfer (DBT) eliminating middlemen leakages – LPG subsidy saved ₹90,000 crores
• Implement real-time PFMS monitoring with concurrent CAG audits replacing post-facto checks
• Deploy blockchain for transparent fund-tracking and AI-based anomaly detection

Institutional Strengthening:
• Mandate social audits for all schemes – MKSS Rajasthan model
• Empower CVC/Lokpal with autonomy and resources for time-bound investigations
• Enforce robust Whistleblower Protection Act ensuring exposure of corruption

Citizen-Centric Governance:
• Geo-tag all public assets with accessible dashboards – MGNREGA assets verification
• Institute participatory budgeting involving local communities in fund allocation
• Establish proactive information disclosure beyond RTI requirements

These measures enhance capital productivity, improve investment climate, and ensure inclusive growth. When every rupee reaches intended beneficiaries, infrastructure and human capital development accelerates, attracting greater investments. Ethical fund management isn’t peripheral but central to economic ascension.

Conclusion: Accountability transforms public funds from leaking vessels into engines propelling India toward sustainable third-position.