BSP to decide tomorrow on support to UPA: Mayawati

Mayawati, whose party has 21 MPs in Lok Sabha and is giving outside support to the UPA government, said the next Parliamentary polls may be advanced

Lucknow: Attacking the United Progressive Alliance (UPA) government on several fronts, Bahujan Samaj Party (BSP) supremo Mayawati on Tuesday said her party will take a call tomorrow on whether to continue its outside support to the Centre, reports PTI.
"We will have a meeting of national executive tomorrow (10th October) to reconsider whether to continue support to the UPA government or not," she said addressing BSP workers at a 'sankalp maharally' to mark the sixth death anniversary of party founder Kanshi Ram.
Mayawati, whose party has 21 MPs in Lok Sabha and is giving outside support to the government along with Samajwadi Party's 22 MPs, said the next Parliamentary polls slated to be held in 2014, may be advanced and asked her cadres to be ready for it.
"It looks as if Lok Sabha polls could be held earlier," she said at the well-attended rally, her first major public event after her party lost badly to Samajwadi Party in the UP Assembly polls.
She attacked the government's foreign and economic policies, saying its "anti-people" decisions have added to the woes of the people including the deprived, Dalits, minorities and farmers.
On the issue of FDI in multi-brand retail, Mayawati left the door open on her party backing it.
"If the financial situation of farmers and small traders improves because of FDI, we could welcome it in future but currently we do not support it," the BSP chief said. 
Accusing the government of "lackadaisical" approach towards bringing back black money stashed away in foreign banks and various scams, Mayawati asked her partymen to work towards strengthening the organisation while warning them about designs of opposition parties.
"Since the UPA government has not done anything in the interest of the country and the people, it can go all out to woo the electorate by luring them through tall promises which will not really benefit the people. We have to remain vigilant on this count as well," she said.
The BSP chief also said no government at the Centre has done anything for landless people in states like Chhattisgarh, Jharkhand and MP where Dalits, backwards and adivasis have been thrown out of their land.
She claimed that this has forced many to become Naxals or choose a wrong course.
Stressing that the social condition of these landless people was akin to that of Dalits, she asked them to unitedly strengthen her party so that they can improve their lot.
Criticising the statement of the Prime Minister that money does not grow on trees, Mayawati said the Centre cannot shun its responsibilities and instead of putting the burden on the poor and middle class, it would be better to pass some of the burden to the capitalists.
"It will be better to put the burden on luxury items instead on the commodities used by common people," she said.
On reservation in promotions, Maywati said her party has been fighting for it but the matter is pending in Parliament where the role of Samajwadi Party has been "disgraceful".


IMF cuts India's growth forecast to 4.9% for 2012

According to the Monetary Fund, compared with the region's growth performance in recent years, the near- and medium-term outlooks are also less buoyant

Washington: The International Monetary Fund (IMF) has slashed India's growth forecast to 4.9% for 2012 due to low business confidence and "sluggish structural reforms", reports PTI.


The IMF had in July projected a growth rate of 6.1% for the current year. During the first quarter ended June 2012, Indian economy expanded by 5.5%.


"India's activity suffered from waning business confidence amid slow approvals for new projects, sluggish structural reforms, policy rate hikes designed to rein in inflation, and flagging external demand," IMF said in the World Economic Outlook (WEO) released in Tokyo ahead of the IMF-World Bank 2012 Annual Meetings.


In India, the report said, "growth weakened more than expected in the first half of 2012, an outcome of stalled investment caused by governance issues and red tape, and a deterioration in business sentiment against the backdrop of a rising current account deficit and the recent rupee depreciation."


Compared with the region's growth performance in recent years, the near- and medium-term outlooks are less buoyant, the report said.


The report has projected 6% growth for the next year (2013), compared to an earlier 6.5% projection.


For 2012-13 fiscal, the IMF said that growth is projected to average 5-6% in 2012?13, more than one percentage point lower than in the April 2012 WEO.


"The downgrade reflects both an expectation that current drags on business sentiment and investment will persist and a weaker external environment," the report said.


Auditors are not adversaries, says CAG Vinod Rai

According to the CAG, the benchmark against which the auditors examine and assess the performance of the departments are not created by them, but by the government itself

New Delhi: Auditors are neither adversary nor fault finding experts but those who provide honest and objective feedback to the government without fear or favour, said Vinod Rai, Comptroller and Auditor General (CAG), reports PTI.


"Audit is not an adversary. Neither is it merely a fault finding mechanism. We like to see ourselves as providing an objective and balanced feedback to the government without fear or favour," Rai said while addressing the Accountants General here.


His comments come in the backdrop of criticism of CAG by government on its reports on coal block allocation and 2 G spectrums.


"We do not for a moment think that it is our business to tell the government what to do and what not to do. We tell the government, through our audit reports, whether departments were able to achieve what they set out to achieve," Rai said.


He said the benchmarks against which the auditors examine and assess the performance of the departments are not created by them, but by the government itself.


"If government lays down a policy, we see whether that policy is being implemented. Government lays down the rules, we see whether these rules are being followed," Rai said.


He said the CAG has been advising Government on the need to bolster internal audit mechanism within the departments.


Rai said financial statements are expected to provide a true and fair view of the state of affairs of the entity.


However, cash-based accounting system followed in India has ceased to reflect a true state of affairs of the governments as neither the assets nor the liabilities get properly reflected under the cash based system.


"Yet we have achieved very little progress towards an accrual based system which will provide a better idea of our assets and liabilities. We reiterate our commitment to continue our efforts towards implementation of accrual based system," he said.




5 years ago

One hopes the emphasis made on the need to improve internal audit mechanism gets the attention it deserves. All said and done, CAG's audit helps mostly to learn from past mistakes, whereas an effective internal audit mechanism which can even double up as concurrent or pre-audit in certain situations will help online and quick corrections.

We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)