Final answer:
The Public Financial Management System (PFMS) is a critical web-based software for financial governance, designed, owned, and implemented by the Controller General of Accounts (CGA). It ensures the efficient tracking and management of public funds.
Step-by-step explanation:
The Public Financial Management System (PFMS) is an integral part of financial governance in India. This web-based online software is instrumental in tracking funds disbursed and ensuring that state financial resources are effectively managed. The correct answer to the question about the body responsible for the design, development, ownership, and implementation of the PFMS is the Controller General of Accounts (CGA). The PFMS has been pivotal in promoting transparency and efficiency in the use of public funds, directly contributing to effective government financial management.
The PFMS serves as a platform for various stakeholders, such as ministries, departments, state governments, and other implementing agencies, enabling real-time monitoring of fund flows. Moreover, it aids various agencies in the direct transfer of subsidies to beneficiaries, thus reducing leakages and ensuring that financial support reaches the intended recipients in a timely manner.