KCR likely to make presentation on CAG findings

​Hyderabad: With CAG (Comptroller and Auditor General of India) findings on the poor management of State finances is still haunting the Telangana government, the Chief Minister K Chandrasekhar Rao on Thursday held a high-level meeting and reviewed the CAG report thoroughly. 

The CM is likely to make a presentation on State finances on the lines the presentation he made on irrigation sector in the Assembly two years ago.   The meeting was attended by Chief Secretary SK Joshi, Principal Secretary (Finance) Ramakrishna Rao and other top officials of the State Finance department. Sources said KCR had sought some clarifications from the Finance department on the issues raised by the CAG.  
 
It is learnt that KCR grilled the officials of Finance department in the management of surplus revenue. The CAG nailed the government for mismanagement of the State finances, where it disclosed the revenue surplus was overstated by Rs 6,778 crore on account of irregular accounting. Thus, the State had revenue deficit of Rs 5,392 crore. Fiscal deficit (Rs 35,281 crore) which stood at 5.46 per cent of the GSDP (Gross State Domestic Product) was understated due to crediting of borrowed funds as revenue receipts.   

Officials sources said that KCR was preparing an analytical note on the CAG findings by consulting experts in the finances inthe country. As part of it, the CM also held a meeting with noted Economist and Director of National Institute of PublicFinance and Policy Sri MarapallyGovinda Rao. The experts clarified the doubts raised by the CM on the veracity of the CAG report. Sources said that KCR wanted to elucidate all the doubts raised by opposition parties on State finances soon.