PM CARES Fund transparency and spending debate

Audited financial statements for the PM CARES Fund have triggered debate regarding transparency and the utilization of emergency reserves. As of March 31, 2025, the fund’s corpus reached ₹8,452.06 crore, marking a 17.8% increase from the prior year.

Reports indicate that during the 2024-25 financial year, the fund spent only ₹87.85 lakh, which represents approximately 0.01% of its total balance. A significant portion of the corpus, roughly ₹7,846 crore, is held in fixed deposits, while ₹605 crore remains in savings accounts. While the fund earned approximately ₹475 crore in interest, domestic donations saw a 30% decline to ₹479.05 crore.

Critics and opposition leaders have raised concerns over the fund’s lack of accountability, noting it is not subject to standard Right to Information (RTI) scrutiny or CAG audits. Specific questions have been raised regarding the fund’s ability to accept foreign donations, the absence of stated reserve policies, and the lack of full donor-level disclosure. Supporters maintain the fund is a specialized instrument for future emergencies and suggest that criticisms of opacity are politically motivated.