The PM CARES Fund ended the 2024-25 financial year with a corpus of around Rs 8,452 crore, according to its latest audited financial statements. The fund also earned more than Rs 470 crore in interest during the year. However, its recorded payments stood at only around Rs 87.85 lakh.
The latest figures have drawn attention because of the sharp difference between the fund’s large corpus and its expenditure during the financial year. The figures come from the audited accounts for 2024-25, which have now been made public. According to reports, the fund’s balance rose from the previous financial year and reached a record level by March 31, 2025.
The PM CARES Fund was created in March 2020 after the outbreak of the COVID-19 pandemic. It was established to provide assistance during public health emergencies and other emergencies, calamities and situations of distress.
PM CARES Fund Corpus Reaches Rs 8,452 Crore
The audited accounts show that the PM CARES Fund had a closing balance of about Rs 8,452 crore at the end of March 2025. The fund’s total receipts for the year stood at around Rs 8,452.95 crore, according to the latest data reported from the audit statements. This marked an increase from the previous year’s figure of Rs 7,188.63 crore.
The fund holds a large portion of its money in financial instruments, including fixed deposits. This allows the corpus to generate interest while the money remains available for future requirements.
During 2024-25, the fund earned more than Rs 470 crore in interest. The income from interest has helped increase the overall value of the corpus.
At the same time, the amount recorded as payments during the year was only around Rs 87.85 lakh. This figure represents a very small share of the total corpus. The contrast between the fund’s size and its annual payments has therefore become a major point of discussion.
Fund Earned More Than Rs 470 Crore in Interest
Interest income forms an important part of the latest financial figures. The PM CARES Fund has invested a substantial portion of its corpus in fixed deposits and other interest-bearing instruments.
As a result, the fund continues to earn money even when it does not make large payments during a particular year. The latest accounts show interest earnings of more than Rs 470 crore.
The interest income also explains why the corpus can continue to grow despite limited expenditure in a given year. However, the latest figures have raised questions about how the fund manages its money and when it decides to release funds for emergency or welfare purposes.
The PM CARES Fund says its trustees manage the fund and decide how its resources should be used. The fund’s stated objectives include providing relief and assistance during public health emergencies, natural or man-made disasters and other situations of distress.
Only Rs 87.85 Lakh Recorded as Payments
The most striking figure in the latest accounts is the expenditure. The fund recorded payments of around Rs 87.85 lakh during 2024-25.
The amount is extremely small when compared with the fund’s overall corpus. It represents roughly 0.01 per cent of the balance of around Rs 8,452 crore.
However, the low annual payment figure does not mean that the PM CARES Fund has never spent significant amounts. The fund made much larger allocations during the COVID-19 pandemic and the period immediately after it.
The government has previously said that PM CARES resources supported COVID-19 response measures. These included oxygen plants, ventilators, medical infrastructure, vaccination efforts and assistance during emergencies. Union Home Minister Amit Shah also said in Parliament that the fund had supported pandemic response and disaster-related measures.
Rs 324.65 Crore Returned by Implementing Agencies
Another figure in the latest accounts has also attracted attention. Implementing agencies returned around Rs 324.65 crore to the PM CARES Fund during the financial year.
The returned amount is much larger than the payments recorded during the same period. The figure has prompted questions about why previously allocated money remained unused and later returned to the fund.
Such returns can occur when implementing agencies do not use the full amount allocated to them. The money can then return to the fund instead of remaining with the agency.
The latest accounts therefore provide a picture of both low fresh expenditure and the return of unused funds. Together, these figures have renewed discussions about the fund’s financial management and utilisation.
PM CARES Fund Was Created During COVID-19
The PM CARES Fund came into existence in March 2020, at the beginning of the COVID-19 crisis. The government created it to receive voluntary contributions and provide financial support during emergencies.
The fund quickly attracted donations from individuals, companies and organisations across India. Its creation also generated significant public debate over its structure, management and transparency.
The fund describes itself as a public charitable trust. It says that its trustees are responsible for managing its operations and deciding how its resources should be used.
The fund has also stated that it is audited by an independent auditor appointed by its trustees. Its official FAQ identifies KKC & Associates LLP as the appointed auditor.
Questions Over Transparency Continue
The latest financial figures have once again brought transparency into focus. Critics have questioned why such a large corpus remains largely unused when the fund was created to respond to emergencies.
The government, however, has maintained that the fund’s money remains available for emergency requirements. Keeping a large reserve can allow the trustees to respond quickly when a major crisis occurs.
The debate therefore centres on the balance between maintaining an emergency reserve and using donations for ongoing public needs.
The fund’s financial statements provide information about receipts, investments, interest earnings and expenditure. However, critics continue to demand greater public disclosure about individual allocations and the reasons behind spending decisions.
Government Has Defended PM CARES Use
The government has previously defended the fund’s role during the COVID-19 crisis. Union Home Minister Amit Shah said the fund supported several measures during the pandemic, including oxygen plants, ventilators, vaccination and assistance to vulnerable groups.
The government has also argued that PM CARES allows resources to remain available for future emergencies. This approach means the fund does not have to spend its entire corpus during periods when there is no major national emergency.
The latest accounts appear to reflect this strategy. The corpus has remained large while interest earnings have continued to add to the fund’s resources.
What the Latest Figures Show
The 2024-25 accounts provide a clear picture of the current position of the PM CARES Fund. Its corpus stood at around Rs 8,452 crore, while interest earnings crossed Rs 470 crore.
At the same time, the fund recorded payments of only about Rs 87.85 lakh during the year. Implementing agencies also returned around Rs 324.65 crore.
These figures show that the fund remains financially strong and continues to generate significant interest income. They also show that its spending during 2024-25 remained very limited.
The figures are likely to fuel further discussion about how emergency funds should balance preparedness, spending and transparency.
PM CARES Fund Debate Continues
The latest accounts have placed the PM CARES Fund back in the spotlight. A corpus of Rs 8,452 crore gives the fund substantial financial capacity to respond to future emergencies. Its interest earnings also ensure that the corpus can continue to grow.
However, the limited expenditure during 2024-25 has raised questions about how actively the fund is being used. The return of more than Rs 324 crore by implementing agencies adds another dimension to the debate.
For now, the PM CARES Fund continues to hold a substantial reserve for emergencies. Its trustees will determine how and when the money is deployed. As more financial information becomes available, scrutiny of the fund’s utilisation, investments and transparency is likely to continue.