PM CARES Fund balance rises to Rs 8,452 crore, interest income tops donations
The PM CARES Fund, established in March 2020 to respond to emergencies such as the COVID-19 pandemic, has made its audit report for the financial year 2024-25 public. The report reveals that the fund's closing balance rose to Rs 8,452 crore as of March 31, up from Rs 7,188.63 crore in the previous financial year.
The fund's total receipts for FY25 stood at Rs 8,452.95 crore. This includes interest income earned on its investments, as well as fresh donations received during the year. The audit shows that fixed deposits form the majority of the fund's assets, accounting for nearly 93 per cent of the closing balance. As of March 31, these deposits amounted to Rs 7,846.65 crore.
Interest accrued on the fixed deposits totalled Rs 469.38 crore during the year, making it the largest source of income for the fund. In comparison, donations have declined. Domestic contributions dropped to Rs 479.05 crore in FY25 from Rs 681.81 crore in FY24. Foreign donations also fell to Rs 9.28 lakh from Rs 11.35 lakh over the same period.
The fund's total payments during FY25 were limited to Rs 87.85 lakh, a substantial decrease from Rs 15.60 crore in the previous year. The audit does not provide a detailed breakdown of these payments.
The PM CARES Fund was established as a public charitable trust, with the Prime Minister serving as its chairperson and the Ministers of Defence, Home, and Finance as trustees. Its stated purpose is to extend relief and support in times of emergencies, including the COVID-19 pandemic. Over the years, the fund has been used for initiatives such as establishing medical facilities, procuring equipment, and supporting health infrastructure.
Since its inception in 2020, the fund has attracted voluntary contributions from individuals, corporations, and foreign entities. It has also been the subject of public debate regarding transparency and governance. Periodic disclosures, including this audit report, are part of the fund's efforts to provide information to the public.
The publication of the audit report allows the public to review the fund's financial position. The data shows a growing reliance on interest income as donations decline. This trend has implications for the fund's sustainability, as its capacity to support future emergencies may increasingly depend on the returns from its existing corpus rather than new contributions.
The audit report provides a factual account of the fund's financial activities for the fiscal year. While it does not assess the effectiveness of the fund's spending, it offers essential information regarding income sources, expenses, and the closing balance. Transparency in such matters enables the public to understand the fund's operations and hold its administrators accountable.
