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
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.
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.