CAG not merely a fault-finding body: Rai
New Delhi: Government auditor CAG on Wednesday said
its job was not merely that of a "fault finding" body but
also encompassed partnering the government in locating and
strengthening the delivery channels.
Comproller & Auditor General of India Vinod Rai said
the body was an ally of the government in conceptualising,
designing and implementing the social sector projects.
Rai was inaugurating the two-day task-force meet of the
Organisation for Economic Cooperation and Development (OECD)
Such cooperation extends into diverse fields including
primary education, primary health and rural employment, he
"The Audit department is not a mere `fault finding`
agency in the implementation process, but partners government
departments in locating weak links in the delivery channel.
It recommends measures to strengthen the same and thereby
ensures mid course corrections in upgrading governance," Rai
"The institution of the Comptroller and Auditor General
of India partners with government in ensuring accountability
and transparency of the entire budgetary process and its
implementation," he said.
Rai said external aid in the form of grants is no
longer a major contributor to India`s development.
"Given its resource constraints, India has to rely
extensively on borrowing to balance the budget and around 10
per cent of our borrowed funds come from external sources.
Multilateral agencies contribute around 16 per cent of
our external debt while bi-lateral agencies contribute around
9 per cent," he said.
Rai said only a small portion of this debt, around
17 per cent, is on concessional terms and the rest is borrowed
at market rates.
"We are, therefore, very concerned that borrowed funds
are used optimally and the desired results are achieved in a
tangible and timely manner," he said, adding the government
has brought in significant changes in Public Finance
Management in recent years.
"These include move towards a uniform Goods and Service
Tax, forthcoming new Direct Taxes Code, FRBM, guidelines on
cash management, preparation of detailed project reports,
introduction of Outcome budget and Unique Identification
programme," he said.
Around 80 delegates from across the country and
representatives of international financial bodies like World
Bank and Asian development Bank are participating in the task
force meeting of the OCED hosted by the Comptroller and
Auditor General of India.
The OECD comprises major economies of the world,
including US, UK, France, Genmany and Italy.
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- Delhi police arrests BSF personnel, ISI operative for espionage
- Kerala's Sunni religious leader calls gender equality ‘un-Islamic’
- Maharashtra: Shani Shignapur temple purifies after woman offers oil
- Panel discussion on P Chidambaram's remarks over ban on 'The Satanic Verses'
- What is the motive behind 'unconditional talks' offer by Pakistan?
- Video: India won't tolerate disrespect to national anthem – this Mumbai family learnt it the hard way
- Had Sardar Patel become PM, India would have been another Pakistan, says Kancha Ilaiah
- Watch: Boy dies after falling from a Mumbai local train – video maker is guilty too!
- Shocking! World Cup winning cricketer forced to sell 'kachoris' to make a living
- Pakistan's ISI spy ring busted in India, BSF jawan among 2 held in Jammu, 3 agents apprehended in Kolkata