CAG criticizes govt over poor fiscal planning

Written By kom nampultig on Sabtu, 11 April 2015 | 22.23

MUMBAI: In its report tabled before the Maharashtra legislature, the CAG painted a grim picture of the state's financial situation.

The CAG report reveals that the state's investments in statutory corporations, rural banks and joint stock companies were an "unsustainable proposition". "The average return on these investments varied between 0.02 and 0.05% in the last three years while the government paid an average interest of 7.42% to 7.54% on its borrowings," it stated.

The report mentioned that the state could not maintain the momentum of growth of revenue receipts it achieved during 2010-11 and 2012-13 as the rate of receipts decreased from 17.86% in 2012-13 to 4.81% in 2013-14 due to underutilization of financial grants. The document added that the parameters such as revenue, fiscal and primary deficits indicated the extent of overall fiscal imbalance in the government finances.

The report said loan recovery and share capital given by the cooperation and textile departments to various cooperative societies was poor. "These departments released loans and share capital of Rs 7,033 crore out of which the recoveries were at Rs 370 crore," the report stated.

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