-Networkideas.org It’s that time of year again – the time when all eyes turn to those magic numbers, the actual and proposed fiscal deficits of the central government as shares of GDP. Breathless news anchors will interrogate financial investors on what the numbers mean, and why 3.5 per cent or 3.7 per cent is fatally worse than, say, 3.4 per cent or 3.2 per cent or less. Everyone will breathe a...
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Audit report on Rafale deal not yet complete, says CAG -Priscilla Jebaraj
-The Hindu In a response to an RTI query, the CAG said: “Audit Report is under preparation. Therefore, no information can be provided in this stage.” The Comptroller and Auditor General (CAG) has not yet completed its audit report regarding purchase of Rafale aircraft, according to its response to an RTI query this week. This erodes the basis of the Supreme Court’s December 2018 judgement on the Rafale case, according to RTI...
More »CAG Criticises Modi Govt For Using Creative 'Off-Budget Financing' Techniques
-TheWire.in The national auditor believes that such methods allow the Centre to understate the true fiscal and revenue deficits in a given year. New Delhi: India’s national auditor has raised red flags over the Narendra Modi government’s propensity to borrow funds using “off-budget” methods, a practice that allows it to finance capital and revenue spending while maintaining deficit targets. The criticism comes from an audit report tabled in parliament on Tuesday, but is...
More »What Ails CAG, and What Can Be Done? -BP Mathur
-Centre for Financial Accountability blog The institution of Comptroller and Auditor General (CAG) in India is patterned on the British model. In Britain, The Exchequer & Audit Department Act of 1866 created the office of CAG with a view to strengthen democracy and exercise parliamentary control over national finances. The office of CAG came into being, thanks to the missionary zeal of William Gladstone who was Finance Minister at the time...
More »Why credibility of India's fiscal math is under strain -Nikita Kwatra
-Livemint.com Unless the convoluted arithmetic behind fiscal deficit gets as much attention as headline fiscal deficit number, creative accounting practices will go on Mumbai: The Narendra Modi-led National Democratic Alliance (NDA) government has been lauded for its ability to rein in the headline fiscal deficit over the past few years, which has arguably helped tame inflation. However, with reverses in key assembly elections earlier this month and Lok Sabha elections to be...
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