PM CARES Fund corpus rises to ₹8,453 crore but utilisation drops to ₹87.5 lakh
The audited financial statements of the Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund for the financial years 2023-24 and 2024-25 were released on Tuesday, after a delay of two years. The statements reveal that while the fund's corpus has grown significantly, actual utilisation of these funds has seen a sharp decline.
PM-CARES was established in March 2020 as a public charitable trust to provide relief during the COVID-19 pandemic. It operates outside the government's Consolidated Fund, and its finances are audited by independent auditors. The corpus stood at ₹6,722 crore at the end of 2022-23 and increased by 25.8% to ₹8,453 crore by 2024-25. This growth was primarily driven by interest accrued on the existing funds, even as fresh donations dropped during the same period.
However, the utilisation of funds fell from ₹437.9 crore in 2022-23 to just ₹87.5 lakh in 2024-25. This amount represents a mere 0.01% of the available corpus. The decline in spending comes despite the fund having accumulated a substantial reserve over the years.
The release of the financial statements was delayed by two years. The previous audited report, for 2022-23, was made public in 2023. The delay has drawn criticism from transparency advocates, who argue that timely disclosure is essential for a fund that relies on public donations and is managed under the Prime Minister's office.
The low utilisation rate has raised questions about the fund's operational effectiveness. The fund's mandate is to provide relief in emergency situations, and spending is typically limited to such circumstances. Between 2022-23 and 2024-25, no major national emergency was declared, which may explain the reduced expenditure. Nevertheless, the growing corpus and minimal outgo have prompted renewed calls for clearer reporting and more active use of the funds for their stated purpose.
The PM-CARES Fund continues to be a subject of public interest, with its financial health and governance under regular scrutiny. The latest audited statements provide an annual update on its status, though the timing and content have sparked debate over the fund's management and accountability.