Audited financial statements of the PM CARES Fund reveal that while the corpus grew by 25.8% due to interest, the actual utilization of funds has dropped to an abysmal 0.01% in 2024-25.

  • The PM CARES corpus grew by 25.8% to ₹8,453 crore between 2022-23 and 2024-25.
  • Donations have seen a sharp decline, with growth driven primarily by interest earnings.
  • Fund utilization plummeted to just ₹87.5 lakh, or 0.01% of the total corpus.
  • Transparency concerns persist regarding implementing agencies and RTI compliance.

The recently released audited financial statements for the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund have sparked significant debate. After a two-year delay, the reports for the financial years 2023-24 and 2024-25 reveal a stark contrast between the growing size of the fund and its minimal actual application.

According to the data, the total corpus expanded from ₹6,722 crore in 2022-23 to ₹8,453 crore by 2024-25, marking a 25.8% increase. However, the utilization of these funds has seen a catastrophic decline. While utilization stood at ₹437.9 crore in previous cycles, it fell to a mere ₹87.5 lakh in 2024-25. This represents a utilization rate of just 0.01%, making the spending 10,000 times smaller than the available capital.

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Why This Matters

BozokMedia analysis shows that the growth of the fund is not being fueled by public generosity, but rather by financial management. In the 2024-25 fiscal year, interest income (₹475 crore) was almost equal to the total donations received (₹480 crore). This spike in interest is likely due to the Union government shifting the corpus from standard savings accounts to fixed deposits (FDs) during the 2023-24 period.

A fund designed for emergency relief loses its fundamental purpose if the capital remains stagnant while the need for disbursement remains high.

Furthermore, the reports highlight a peculiar trend where 'refunds' from implementing agencies were significantly higher than the money actually utilized. Critically, neither the identities of these agencies nor the original purposes of the allotted funds have been disclosed to the public, raising questions about accountability.

Historical Background

Established in March 2020 as a public charitable trust during the height of the COVID-19 pandemic, PM-CARES has faced continuous scrutiny from opposition parties and civil society. The primary criticisms center on its lack of transparency, its refusal to provide information under the Right to Information (RTI) Act, and the significant delays in publishing financial statements.

Did You Know?: The delay in releasing these statements coincided with a change in the fund's auditors from one private firm to another.

Frequently Asked Questions

1. Why is the PM CARES corpus increasing if donations are falling?
The increase is primarily due to interest accrued on the existing corpus, especially after moving funds into fixed deposits.

2. What was the utilization rate in 2024-25?
The utilization rate was abysmally low at just 0.01% of the available corpus.