India is among the fasted growing economies in the world today, and it’s estimated that the economics of India is the seventh largest economies in the world. India has a young population that that is growing; therefore, companies and foreign investors are investing their resources in India leading to the growth of the economy. The economy of India has been growing consistently for the last couple of years. For the economy to grow well, certain sectors of the economy need to be performing well because they are the drivers of the economy. Developing countries including India getting a lot of funding from the World Bank and grants and loans from developed countries to invest in key infrastructure that is necessary for the growth of the country.
Busan partnership was formed to help developing countries with financial aid that would help in making them become developed like other developed countries (Siddiqui, and Ahmed, 2017). The Busan Partnership agreement made the countries to agree to enhance the development and effectiveness of the cooperation of the countries in mobilizing resources that the developed countries would use to develop their economies. The countries that formed the partnership focused on developing countries because they wanted to develop the developing countries first through transparency and responsibility.
SDG from 16.4 to 16.8
India has come with a vision and a strategic plan to develop the country by the year 2030 to have the country become a middle-income country. Developing countries face various challenges such as corruption and bribery that make the development of the country difficult (Siddiqui, and Ahmed, 2017). The Busan partnership required countries to be accountable for the resources that different stakeholders give them because it was discovered that India faces the challenge of corruption. The country is required to be accountable in resources that they are given to do development with.
The other challenge notable with India is lack of inclusivity where people are not allowed to participate in coming up with ideas that can help solve the challenges that they go through (Siddiqui, and Ahmed, 2017). All people need to be strengthened to participate in the governance and formulate policies that help in dealing with the challenges that affected them. India is required to provide full disclosure of all the activities that the country is doing for the people — strengthening institutions such as the ones fighting corruption.
The Indian government uses various financial reforms when it comes to dealing with financial governance. The Busan partnership required all the developing countries that required to be supported financially to do various projects have come up with strategies of ensuring the resources are used for the right purpose. Developing countries face the challenge of misuse of funds; money is lost for purposes that it was not meant for.
The proposed reforms would lead to the formation of a committee to deal with matters related to finances as well as advising the government the best practices. The committee is also supposed to ensure that there is no corruption and the people to implement the government projects don’t steal the money through corrupt ways. The stakeholder that audit government activities also need to be involved while the government is implementing a various project to serve the people.
The developing countries that require to be supported by different Busen stakeholders asking for support on projects that the government want to do for the people. The funding is meant to solve a particular problem affecting the people. Once the problem has been identified budgeting is done to estimate the cost of the project. The state department gave the responsibility to cost the expenses that will be incurred in completing the project. Corruption affects government projects in developing countries; hence measures need to be done. The Busen agreement does not tolerate corruption; hence preventive measures need to be implemented to deal with the challenge.
PEFA provides different dimensions that need to be considered when a budget is being developed, and the dimensions include the predictability of the finances that will be required to run the projects by the government. Budgets are based on estimation; therefore, the estimation needs to be accurate. Also, scrutiny needs to be done after the budget estimation has been done to ensure that the funds were not used for unbudgeted purposes. All the activities of the implementation of the project should be transparent.
Accountability is crucial for any government; not only developing countries should be accountable to the people on how they earn taxes from. India has a weakness in letting the public know the activities that they are engaging in and how they are using the resources allocated to do various projects. Transparency improves the trust that the people have towards their governments