"The system provides a unified platform to bring together all organisations involved in budgetary estimation, allocation and expenditure of public money," Navy officials said here today.
The FIS developed by Wipro at a cost of Rs 32 crore will be commissioned into the Navy tomorrow by Defence Minister A K Antony.
Giving details of the FIS, they said "such online budgeting and expenditure activities will provide uniform and up to date information to all stake holders and also foster greater efficiency, consistency, transparency and accountability in activities related to financial management."
The system took 22 months to develop with involvement of about 1000 man months and effort by 60 members from the Indian Navy and Wipro, the officials said.
The FIS will link the Delhi-based Naval Headquarters with Command Headquarters and various ships and establishments across different locations to provides a central database to view data on allocation and reallocation of funds, receipts and recoveries, commitments, expenditure and other estimates.
"With over 600 units involved with a budget being managed across more than 500 categories, the switch to online budget management brings a transformational change in efficiency, accuracy and transparency of the Indian Navy," the officials added.
The system will also assist in standardisation of forms and reports across the organisation and provide consistent and up-to-date information on demand to the users with enhanced transparency.
