Public Finance Management: Meaning, Nature, and Scope

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Hi let’s start with another session uh the session of title would be the concept of public finance and how does these concepts work within the economy how does know you can say these concepts play a very vital role within the economy so which we will be discussing in this class so uh first one is the public fun you can say finance management you can say um roles that

Will be first one public uh financial management deals with the management of the resources so resource management it’s a very vital it’s a very you can see important it’s a very crucial for the you can say government to manage you know this particular transactivity and the second one that will be expenditure uh within the public sector so how does the government

Will be controlling the expenditure of our revenues because if normally governments they are not able to you can say um have you the proper check-in balance on the expenditure and that’s the reason every you can say calendar year they will be suffering with the financial debts they will be suffering with the uh budget deficit and then uh there will be you know you

Can say plan the uh plan the cost of you can say uh service delivery and then audit uh the results uh after that uh concept of which concept financial management includes deals with the acquisition and disposable resources by the government so how government are using different resources and how they are basically properly utilizing those resources uh there is a you

Know one concepts which you know we will we discuss in the economics that uh these our needs are unlimited and at the same time our uh you can say our resources which are limited to uh you know some extent so how we can properly utilize those resources how we can properly you can say use you know make use of those resources this is how uh government have to you

Can say play the role and and the and this is what you know government know needs to you can say do where proper allocation of resources and how they are expecting the resources how they are using those resources for the benefit of the general public so uh natural sources are something which will be you can say very crucial for the organization but also you know

For the government as well to use make a use of proper utilization of these resources because out of these resources they can you can say um they can you can say uh number of people basically you know who are you living under the perverted line so they can make them you know into stream lines uh by using all of these resources for the general public then this is

Because of a flow of management of funds and life you can say wire of any system uh which will be you can say private or public so even you know these concepts know it will work for the public as well as a private organization because this concept of managing or you can say utilizing uh the resources it’s very very crucial and important at the same time then these

Concepts also includes uh increase of social you can say immunity then uh resources uh as i already mentioned resources are limited so that natural resources how does that government are managing how does know they are making uh out of use you know that resources this is a very big challenge for the uh government and normally you know governments they are failed

To utilize proper resources because uh there is a you can say corruption you know with each you can see source uh which each of you consider that particular uh country uh natural resources happening so um if you and i can give you you know a lot of examples you know from underdeveloped countries like what kind of you can say uh resources basic natural resources

Which they have misused they were not the governments were not able to you can sit you know take control for the whole resource at the same time and then uh they misused those resources by just you can say you know promoting you know those people who are not competent because they are not you can say able to make sure the merit for you know for check and balance

For that resources and that resources there will be no check-in balance in terms of audit as well so they were not you can say proper auditing however uh they were doing you know for those resources then uh there is a you can say uh need to prioritize the uh based on the available resources and in a particular time so which particular resource a natural resource

Basically in terms of you can say country uh which they have to work first and what are the other natural resources which they can you can prioritize this is number of first priority this is number second and third and then it should be prioritized based on the outcome like how much outcome they are getting from one resource how much you can say outcome in terms

Of funds on terms of money they will be getting what is the weightage of that particular resource which they have bought and these are you know there are a number of concepts now which we are discussing and then there are some functions of which you can see public you can say management let’s suppose public funds public expenditure public income and then uh cost

Delivery of services so all of these functions are interconnected uh with the financial management concepts so this is what this is how we will be discussing uh how to manage these resources and yes thank you very much

Transcribed from video
Public Finance Management: Meaning, Nature, and Scope By UniAthena