The PM CARES Fund has just released its audited statements for 2024-25, and the figures are turning heads. The fund’s corpus has ballooned to a record ₹8,452 crore, yet it spent a mere ₹87.85 lakh during the entire financial year . That’s just 0.01% of its available funds .
To put this in perspective, the interest earned on fixed deposits alone—₹469 crore—almost equalled the domestic donations received . The fund is generating more wealth through parking money in banks than it is spending on relief.
A Deep Dive Into The Audit Report
Where Does The Money Sit?
As of March 31, 2025, the fund’s closing balance stood at ₹8,452 crore. Of this, a staggering ₹7,846.65 crore (93%) was parked in fixed deposits, while only ₹605 crore remained in savings accounts .
This marks a significant shift in strategy. The fund has moved from a "relief spending" mode to a "wealth preservation and accumulation" mode. It earned ₹469 crore in interest from these fixed deposits, making interest income its biggest source of growth for the year .
As of March 31, 2025, the fund’s closing balance stood at ₹8,452 crore. Of this, a staggering ₹7,846.65 crore (93%) was parked in fixed deposits, while only ₹605 crore remained in savings accounts .
This marks a significant shift in strategy. The fund has moved from a "relief spending" mode to a "wealth preservation and accumulation" mode. It earned ₹469 crore in interest from these fixed deposits, making interest income its biggest source of growth for the year .
Spending Plummets
The expenditure story is even more revealing. In 2024-25, the fund spent just ₹87.85 lakh. Compare this to previous years:
2023-24: ₹15.59 crore spent
2022-23: ₹439.38 crore spent (including ₹346 crore for children who lost parents to Covid)
2021-22: ₹3,716.29 crore spent
2020-21: ₹3,976.17 crore spent
The fund's spending has dropped off a cliff since the peak pandemic years. While donations have declined, the corpus continues to grow through interest, raising an uncomfortable question: Is the PM CARES Fund a relief fund or an investment fund?
The expenditure story is even more revealing. In 2024-25, the fund spent just ₹87.85 lakh. Compare this to previous years:
2023-24: ₹15.59 crore spent
2022-23: ₹439.38 crore spent (including ₹346 crore for children who lost parents to Covid)
2021-22: ₹3,716.29 crore spent
2020-21: ₹3,976.17 crore spent
The fund's spending has dropped off a cliff since the peak pandemic years. While donations have declined, the corpus continues to grow through interest, raising an uncomfortable question: Is the PM CARES Fund a relief fund or an investment fund?
The PM CARES For Children Scheme
The flagship scheme for children who lost their parents during Covid has seen a dramatic reduction in funding. In 2022-23, the fund allocated ₹346 crore for these children. In 2024-25, that figure dropped to just ₹87.85 lakh .
This is despite the government’s promise of ₹20,000 annually to every school-going child orphaned by the pandemic. With 3,383 beneficiaries listed under the scheme, the allocated amount works out to roughly ₹2,596 per child—far short of the promised ₹20,000 .
The flagship scheme for children who lost their parents during Covid has seen a dramatic reduction in funding. In 2022-23, the fund allocated ₹346 crore for these children. In 2024-25, that figure dropped to just ₹87.85 lakh .
This is despite the government’s promise of ₹20,000 annually to every school-going child orphaned by the pandemic. With 3,383 beneficiaries listed under the scheme, the allocated amount works out to roughly ₹2,596 per child—far short of the promised ₹20,000 .
The ₹324 Crore Refund Mystery
The audit also reveals that ₹324.66 crore was refunded to the PM CARES Fund by implementing agencies like DRDO and NHAI . However, the audit report does not explain which agencies returned the money, why it was refunded, or what projects the funds were originally meant for .
Transparency activist Anjali Bhardwaj has raised a critical point: "Were refunds done to evade accountability for faulty equipment? Why have accompanying notes to the audit report not been uploaded?" .
The audit also reveals that ₹324.66 crore was refunded to the PM CARES Fund by implementing agencies like DRDO and NHAI . However, the audit report does not explain which agencies returned the money, why it was refunded, or what projects the funds were originally meant for .
Transparency activist Anjali Bhardwaj has raised a critical point: "Were refunds done to evade accountability for faulty equipment? Why have accompanying notes to the audit report not been uploaded?" .
Political Backlash and Government Defence
Opposition’s Stance
Congress leader Pawan Khera has been vocal, tweeting: "Only 0.01% of the ₹8,452 crore available has been utilised — even as natural calamities devastate communities across the country and thousands need relief and rehabilitation. ₹8,452 crore sitting idle while people suffer. PM CARES? Hardly" .
Government’s Defence
The government has defended the massive reserve, arguing that PM CARES is a fund for "emergency preparedness." The corpus is meant to be a substantial reserve that can be deployed during future crises—natural disasters, public health emergencies, or any distress situation .
They have also pointed out that the trust deed permits keeping money in fixed deposits, and the interest generated adds to the corpus without needing fresh donations .
The government has defended the massive reserve, arguing that PM CARES is a fund for "emergency preparedness." The corpus is meant to be a substantial reserve that can be deployed during future crises—natural disasters, public health emergencies, or any distress situation .
They have also pointed out that the trust deed permits keeping money in fixed deposits, and the interest generated adds to the corpus without needing fresh donations .
The RTI And Transparency Elephant In The Room
The PM CARES Fund was established as a public charitable trust on March 27, 2020, during the height of the pandemic . The Prime Minister is the ex-officio chairman, and the Defence, Home, and Finance Ministers are trustees .
Yet, the government has consistently maintained that the fund is not a "public authority" under the Right to Information (RTI) Act, and is not audited by the Comptroller and Auditor General (CAG) .
Anjali Bhardwaj has slammed this, saying the fund is "shrouded in secrecy" and continues to "evade public scrutiny by refusing to submit itself to the RTI Act" .
The PM CARES Fund was established as a public charitable trust on March 27, 2020, during the height of the pandemic . The Prime Minister is the ex-officio chairman, and the Defence, Home, and Finance Ministers are trustees .
Yet, the government has consistently maintained that the fund is not a "public authority" under the Right to Information (RTI) Act, and is not audited by the Comptroller and Auditor General (CAG) .
Anjali Bhardwaj has slammed this, saying the fund is "shrouded in secrecy" and continues to "evade public scrutiny by refusing to submit itself to the RTI Act" .
Key Transparency Concerns:
💥No CAG Audit: No independent constitutional audit of how contributions (including from government employees’ salaries) are spent .
💥No RTI: Citizens cannot seek information about fund utilisation .
💥Missing Audit Notes: The audit report for 2024-25 does not have accompanying explanatory notes, which would provide context for entries like the ₹324 crore refunds .
💥No CAG Audit: No independent constitutional audit of how contributions (including from government employees’ salaries) are spent .
💥No RTI: Citizens cannot seek information about fund utilisation .
💥Missing Audit Notes: The audit report for 2024-25 does not have accompanying explanatory notes, which would provide context for entries like the ₹324 crore refunds .
Why This Matters: The Fundamental Questions
💥The data paints a troubling picture. Here are the pressing questions that demand answers:
💥Why Is The PM CARES Fund Sitting On ₹8,452 Crore When States Are Seeking Funds For Relief? Several states facing floods, cyclones, and landslides have complained about receiving only a fraction of the funds they requested .
💥What Happened To The ₹324 Crore Refund? Without detailed notes, it’s impossible to know if these were genuine project wind-ups, or a mechanism to hide faulty equipment or poor planning.
💥Where Is The Transparency? When a fund is chaired by the Prime Minister, uses the "gov.in" domain, and accepts donations that qualify for CSR exemptions, why is it exempt from the RTI Act? .
💥Why Is The PM CARES Fund Sitting On ₹8,452 Crore When States Are Seeking Funds For Relief? Several states facing floods, cyclones, and landslides have complained about receiving only a fraction of the funds they requested .
💥What Happened To The ₹324 Crore Refund? Without detailed notes, it’s impossible to know if these were genuine project wind-ups, or a mechanism to hide faulty equipment or poor planning.
💥Where Is The Transparency? When a fund is chaired by the Prime Minister, uses the "gov.in" domain, and accepts donations that qualify for CSR exemptions, why is it exempt from the RTI Act? .
A Timeline of PM CARES Fund Performance
Financial YearDonations ReceivedExpenditureKey Details2024-25 ₹480 crore ₹87.85 lakh 93% of ₹8,452 Cr parked in FDs; ₹324 Cr refunds
2023-24 ₹682.94 crore ₹15.59 crore Spending drops drastically
2022-23 ₹912.21 crore ₹439.38 crore ₹346 Cr for Covid orphans, ₹91.87 Cr for oxygen concentrators
2021-22 ₹1,936.88 crore ₹3,716.29 crore Major spending on oxygen plants, hospitals, medical equipment
2020-21 ₹7,678.68 crore ₹3,976.17 crore Peak of pandemic spending; highest donations
2022-23 ₹912.21 crore ₹439.38 crore ₹346 Cr for Covid orphans, ₹91.87 Cr for oxygen concentrators
2021-22 ₹1,936.88 crore ₹3,716.29 crore Major spending on oxygen plants, hospitals, medical equipment
2020-21 ₹7,678.68 crore ₹3,976.17 crore Peak of pandemic spending; highest donations
Conclusion: A Fund In Search Of A Purpose
The PM CARES Fund was created with noble intentions—to provide a nimble financial mechanism for relief in emergency situations. But the latest audit report suggests it has become a massive financial reserve, earning interest while spending next to nothing.
The fund’s defenders will argue that it’s "emergency preparedness." But critics rightly point out that emergencies—floods, heatwaves, pandemics—are happening right now. If the fund is not being used when people are suffering, when will it be used?
The lack of transparency, the missing audit notes, and the exemption from the RTI Act only deepen public suspicion. In a democracy, funds collected in the public interest, with the Prime Minister at the helm, must be accountable to the public. The PM CARES Fund must answer the fundamental question: Is it a safety net for the nation, or just a fixed deposit for show?
The PM CARES Fund was created with noble intentions—to provide a nimble financial mechanism for relief in emergency situations. But the latest audit report suggests it has become a massive financial reserve, earning interest while spending next to nothing.
The fund’s defenders will argue that it’s "emergency preparedness." But critics rightly point out that emergencies—floods, heatwaves, pandemics—are happening right now. If the fund is not being used when people are suffering, when will it be used?
The lack of transparency, the missing audit notes, and the exemption from the RTI Act only deepen public suspicion. In a democracy, funds collected in the public interest, with the Prime Minister at the helm, must be accountable to the public. The PM CARES Fund must answer the fundamental question: Is it a safety net for the nation, or just a fixed deposit for show?
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