PM CARES Fund Received ₹1,162.92 Crore but Spent Only ₹16.47 Crore in 2023-25
The PM CARES Fund received ₹1,162.92 crore in donations during 2023-24 and 2024-25 but spent only ₹16.47 crore during the two-year period, according to the latest audited financial disclosures. The figures have renewed debate over how India's high-profile emergency relief fund is being managed, particularly as its corpus reached about ₹8,452 crore by March 2025.
The numbers need context. A low level of annual spending does not, by itself, establish financial irregularity because PM CARES was created as an emergency reserve rather than a fund that must exhaust its corpus every year. At the same time, the gap between money received and money deployed raises legitimate questions about utilisation, investment of the corpus and transparency.
PM CARES Fund: How Much Money Came In?
The audit figures show that PM CARES collected approximately ₹682.94 crore in donations during 2023-24. Donations then fell to about ₹479.97 crore in 2024-25. Together, that amounts to ₹1,162.91 crore, broadly matching the ₹1,162.92-crore figure reported from the audit statements.
The decline in donations in the second year is notable, but it did not prevent the overall corpus from remaining substantial.
According to the latest reporting based on the audited statements, the fund had a total corpus of approximately ₹8,452 crore at the end of FY2024-25. The figure includes the accumulated financial resources of the fund rather than simply donations received during that particular year.
That distinction is important for readers looking at the numbers for the first time. The ₹1,162.92 crore represents donations received over two financial years, whereas the ₹8,452-crore figure represents the much larger accumulated corpus.
Spending Was Only ₹16.47 Crore Over Two Years
The sharpest contrast in the audit data is between receipts and expenditure.
In 2023-24, PM CARES spent around ₹15.59 crore, while expenditure fell to only ₹87.85 lakh in 2024-25. Together, spending during the two years came to roughly ₹16.47 crore.
The FY2024-25 spending was mainly associated with the PM CARES for Children Scheme, which provides support to children who lost parents or guardians during the COVID-19 pandemic.
Put simply, for every ₹100 received as donations during 2023-24 and 2024-25, only about ₹1.42 was spent during those two years. The remaining funds were not necessarily idle cash; a significant portion of the corpus was held in financial instruments.
That distinction is central to understanding the audit figures.
Nearly 93% of the Corpus Was in Fixed Deposits
One of the most important details emerging from the latest disclosures is that nearly 93% of the PM CARES corpus was held in fixed deposits at the end of FY2024-25, according to reporting based on the audit statements.
For an emergency fund, keeping a substantial amount in relatively low-risk and liquid financial instruments can have a straightforward rationale. The purpose of such a reserve is to ensure that money is available quickly when a major crisis occurs.
It also means the fund can earn interest rather than allowing its entire corpus to remain unproductive.
However, this arrangement makes transparency around the investment strategy important. Contributors and the public may reasonably want to know how much is placed in fixed deposits, how the instruments are selected and how interest income contributes to the fund's overall balance.
Why the Low Spending Has Triggered Questions
The controversy is largely about the scale of the unused corpus, rather than simply the fact that spending was low.
PM CARES was established in March 2020 during the COVID-19 crisis. Its stated purpose is to provide assistance in emergency or distress situations, including public-health emergencies and disasters. The fund can also support healthcare infrastructure, research and assistance to affected people.
During the peak of the pandemic, spending was considerably higher. As the immediate COVID emergency faded, the requirement for large emergency outlays naturally declined.
This creates two competing interpretations.
From one perspective, a large reserve is precisely what an emergency fund should maintain. A future pandemic, major natural disaster or other national emergency could require rapid deployment of thousands of crores.
From another perspective, a large and continuously accumulating corpus makes detailed disclosure increasingly important. If substantial sums are not being deployed, the public needs clear information about the criteria governing when and how those reserves will be used.
The audit numbers alone do not settle that debate.
Transparency Remains the Bigger Issue
PM CARES operates as a public charitable trust. The Prime Minister is its ex-officio chairman, while the ministers of Defence, Home Affairs and Finance are ex-officio trustees. The fund says it receives voluntary contributions and does not receive budgetary support.
The fund also states that it is audited by an independent auditor. Its FAQ says the trustees appointed SARC & Associates, Chartered Accountants, as auditors for a three-year period beginning in 2020.
This structure has historically generated debate over public disclosure and the applicability of the Right to Information Act.
The latest audited figures therefore matter beyond the headline spending number. They provide financial information about a fund that has attracted billions of rupees in contributions from individuals, companies and other organisations.
For public confidence, the more detailed the disclosures are, the easier it becomes to distinguish genuine financial questions from political claims.
What the Numbers Mean for Businesses and CSR Donors
PM CARES also has a direct connection with India's corporate sector because contributions to the fund qualify as CSR expenditure under the Companies Act, according to the fund's official information. Donations also qualify for specified tax benefits under Section 80G.
That makes the issue relevant to companies as well as individual donors.
For corporate contributors, transparency around the ultimate use of funds can matter from a governance and reputational perspective. Companies increasingly report their CSR activities to shareholders and stakeholders, making the destination and purpose of large contributions relevant beyond the accounting treatment.
At the same time, the fact that money remains invested does not automatically mean it has been wasted. An emergency reserve can remain financially productive until required.
What Investors Should Watch Next
PM CARES itself is not a listed investment, so the latest audit figures do not directly create a stock-market trading opportunity.
However, investors can take away a broader lesson about financial transparency and governance.
The key things to watch are:
How the fund's corpus changes in future years.
Whether donation levels continue to decline or stabilise.
How much money is deployed during new emergencies.
How fixed deposits and other investments are managed.
Whether detailed financial statements continue to be publicly disclosed.
How much interest income the corpus generates.
How refunded amounts from implementing agencies are accounted for.
The fund's financial position should ultimately be assessed using audited documents rather than social-media claims or political commentary.
The Bottom Line
The latest PM CARES audit figures show a striking gap: ₹1,162.92 crore in donations were received across 2023-24 and 2024-25, while only ₹16.47 crore was spent during the same period. Meanwhile, the fund's overall corpus reached roughly ₹8,452 crore by March 2025, with nearly 93% reportedly held in fixed deposits.
The figures do not, on their own, prove misuse of funds. PM CARES was created to maintain resources for emergencies, meaning retaining a substantial reserve can be consistent with its stated purpose.
The more important question is whether the fund provides enough detailed information for contributors and the public to understand where the money is held, when it is deployed and why particular expenditures are made.
For now, the ₹8,452-crore corpus and the relatively small recent expenditure are likely to keep the debate over PM CARES, its utilisation and transparency firmly in the spotlight.
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This article is for informational and educational purposes only and should not be considered investment advice
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