CAG & India Inc..where are we heading!!
- 2G loss: Rs: 1.76 lakh Cr - 31 March 2010: CAG says that there was large scale irregularities in the spectrum allocation.
- Coal loss: Rs 1.85 lakh Cr - 17 August 2012: CAG says that part of this financial gain could have accrued to the national exchequer by operationalising the decision taken years earlier to introduce competitive bidding for allocation of coal blocks
- Delhi airport loss: Rs 1.63 lakh Cr - 17 August 2012: CAG says that DIAL will get undue benefit of Rs 3,415.25 Cr from levy of development fee on passengers at Delhi Airport.
- Power loss: Rs 29,033 Cr - 17 August 2012: CAG accuses the government of favouritism to Reliance Power, of the four, three were allotted to the company.
Cumulative losses to the ........mind boggling with lost zero count.....
The Comptroller Audit General of India (CAG), time and again has warned 'India Inc' over the alleged loss of lakhs of crores to the exchequer. However the ruling party stresses that the figures are the figments of imagination. The United Progressive Alliance (UPA) headed by the Congress is hit by another missile by the CAG and this time it is three-headed.
On one hand international audit firm Moody's research arm had scaled down its forecast for the country's economic growth this fiscal to 5.5 per cent, early last week. And the Prime Minister Dr Manmohan Singh was also equally perturbed over the issue and made a counter positive statement, putting aside the rating agency's forecast. The agency felt that there was little or no action from the RBI or the government in taking stock of the global uncertainty and making a decisive action to counter the calamity. This was one of the main reasons for the downgrade forecast.
Under these conditions the new discrepancies unerathed by CAG are sure to hit hard on the economy and Congress led UPA as well. In its report, CAG says, 100 private companies were allotted 57 coal fields instead being auctioned. The report elaborates that the allotments were 'subjective' that allowed the allotted companies to benefit approximately Rs 1.85 lakhs Cr. CAG also said that the government favoured companies like Tata and Reliance power. The bidding process was over powered by allowing Reliance to use excess coal from three blocks allotted to Susan Project. CAG also slammed the Delhi Airport Authority Limited handled by noted industrial group, for levying the development fee on passengers which could get Rs 3,415.25 Cr into its kitty.
Countering the CAG report the ruling government down played the esteemed auditor as a verifier of accounts and the government burdened the heavy responsibility to frame policies and look after the requirements of the country. Infact the PMO felt that CAG should not question the government's policy on (using) a screening committee in allocation of blocks. Also, spokespersons for the ruling party claimed that CAG reports are not final and the government can take no action on a report till a parliamentary panel, Public Accounts Committee (PAC), studies it and submits a final report.
On the whole the taxpayer must have lost something to the tune of Rs 3.8 lakh Cr, claim media, over the past eight years. This is an alleged assumption by CAG, as per it's reports tabled before Parliament on Friday. Mind boggling for the 'aam adhmi' (common Man). As per estimates this could be better health for the public for the next fourteen years, as the Rs 3.8 lakh Cr equals our health budget, at current rates of expenditure. Or this amount also equals the amount spent on sending the country's children to school for the next eight years. Pathetic!! do we need enemies from outside to destroy us, certainly not, say critics.... (With inputs from internet-AW AarKay)
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