New York, October 23: Finance Minister Nirmala Sitharaman highlighted that more than USD 450 billion has been transferred through Direct Benefit Transfers (DBT) to the people in last 8 years. The minister shared these key insights on India's achievements with Direct Benefit Transfers (DBT) while speaking at the Wharton Business School at the University of Pennsylvania in Philadelphia, USA on Tuesday.

"Over 51 ministries and departments in the central government deal with Direct Benefit Transfers (DBT). More than USD 450 billion have been transferred cumulatively in the last 8 years" the minister said. She emphasized the tremendous success India has achieved in delivering welfare benefits directly to the people through digital systems. Nirmala Sitharaman in New York: Finance Minister Highlights Employability Challenges as a Key Focus for India’s Economic Growth.

These transfers are part of various welfare schemes aimed at ensuring that government aid reaches the people it is intended for, without middlemen or leakages. Sitharaman also highlighted that the use of digital technology has enabled the government to curb pilferage and fraudulent activities.

According to the minister, around USD 40 billion has been saved from being lost to pilferage during this period. "In 8 years, around USD 40 million have been saved from pilferages. This digital experience of India is a superb lesson in cutting down pilferages, fraudulent transactions and ghost account holders" added Sitharaman. She credited the elimination of ghost accounts and fraudulent transactions for these savings, underlining the importance of accountability when it comes to handling taxpayers' money. Per Capita Income in India To Increase by at Least USD 2,000 in 5 Years, Says FM Nirmala Sitharaman at Kautilya Economic Conclave (See Pics and Video).

The Finance Minister described this digital initiative as a "superb lesson" in improving transparency and efficiency. She stated that the government's efforts have ensured that every rupee is properly accounted for, thus preventing misuse and enhancing the responsible use of public funds.

Sitharaman said "this digital experience of India is a superb lesson in cutting down pilferages, fraudulent transactions and ghost account holders. This is giving us a big advantage in being responsible about taxpayers' money".

The DBT system, introduced by the central government, has been widely recognized as a powerful tool in ensuring the delivery of subsidies, pensions, scholarships, and other benefits directly to the bank accounts of beneficiaries, minimizing delays and cutting down intermediaries.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)