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The IFA full form is Integrated Financial Advice, a system introduced in various departments of ministries of the Indian government. It was introduced after October 1975 with the basic aim of the scheme being to expedite the decision-making of financial powers to the executive authorities. They are to be exercised in consultation with the Integrated Financial Advisors. It is to bring the concepts of accountability and authority with accountability. In 1976, the systems of IFA were introduced in the Department of Defence Production and in the Department of Defence in 1983.
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What are the Objectives of IFA?
The IFA system aims to provide independent financial inputs to CFA (Component Financial Authorities) in order to exercise the delegated financial powers to expedite decision-making. Thus, providing greater satisfaction to the troops who are deployed in the field and also enhancing operational preparedness.
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What are the Powers and Functions of IFA?
The following are the powers and functions of IFA:
- It helps in presenting the budget
- IFA participated in post-budget vigilance
- Scrutinises the projects and programs
- It assists the secretary
- IFA concurrence to proposals having financial implications
- Also, participate in costing, benchmarking, estimation and other best practices.
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