Citizens' Issues
ESIC's decision to open medical colleges ill-planned: CAG
The decision by the Employees State Insurance Corporation (ESIC) to open medical colleges was ill-planned and no due diligence was done, the Comptroller and Audit General of India (CAG) revealed on Friday.
 
The organisation also did not have any concept paper or project report to assess the viability of opening medical colleges or alternatives to cope up with the shortage of medical personnel in the ESIC hospitals, the CAG said. 
 
The revelation, which is part of a special report of CAG on ESIC, further said the number of sites selected for opening of medical colleges was disproportionate to the requirement of medical personnel.
 
"Due diligence, if any, carried out to ascertain the number of colleges required to be opened to fulfil the further requirement of doctors and other paramedical staff was not available," said the report presented in parliament.
 
"Due to no-uniformity in clauses in agreement with architectural consultants, ESIC was liable to pay extra consultancy fees Rs.24.68 crore. There were time and cost over-runs in majority of the medical education projects," said the report.
 
"Only 14 percent of the students passed out from post graduate institutes (PGI) joined the ESIC hospitals which indicated that the strategy of opening medical colleges for filing the vacant posts failed. 
 
"The decision to exit from this endeavour was only an exercise to limit the sunk losses and further liabilities." 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

SKRISHNAN

1 year ago

Reference CAG's Report on ESIC Hospital Project:
One wonders about the decision making process in such cases. Are there not Financial Advisers both in the organisation and the Ministry concerned, presumably the Labour Ministry, who should have been involved in the decision making process?!
How could they have allowed such a major proposal without even a Concept Note or a Project Report?!
Ultimately with only 14% joining the ESIC it is nothing short of a tragedy, if not a laughable joke! One wonders whether responsibility will ever be fixed, for such a monumental blunder!
S. Krishnan, IAAS (Retired)

Apple, Samsung Pay joins China's UnionPay
Apple, Samsung and China's UnionPay announced a partnership on Friday to bring the digital wallet of Apple Pay and Samsung Pay to China, cashing in on the popularity of such services in the country.
 
China UnionPay cardholders will be able to link their bank cards to Apple and Samsung Pay and make payments without cash or cards, Xinhua cited a joint statement from the companies as saying.
 
It said Apple and Samsung Pay will be made available to China UnionPay cardholders in early 2016 after certification by Chinese regulators.
 
Chinese third party payment firms handled online payments of 3.65 trillion yuan ($563 billion) in the third quarter, up nearly 11 percent from the previous quarter, according to research company Analysys.
 
Market leader Alipay has more than 400 million users, including 270 million who regularly make payments using mobile phones.
 
China UnionPay, which has issued more than five billion bank cards home and abroad, launched its own digital wallet for phones jointly with over 20 commercial banks last Saturday.
 
"China UnionPay is dedicated to promoting payment innovations and providing secure, convenient payment experiences for its hundreds of millions of cardholders, aligning multiple parties in the industry," said Chai Hongfeng, executive vice president of China UnionPay.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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GDP expected to grow 7-7.5 percent, mid-year analysis
India's economy is expected to register a GDP growth in the range of seven and 7.5 percent in 2015-16, the mid-year economic analysis has said noting further that the reforms process was gathering momentum.
 
The mid-year analysis for 2015-16, released on Friday, said the Indian economy continued to exhibit resilience to register a growth of 7.2 percent in the first half of 2015-16.
 
It said that economic growth, measured in terms of growth in GDP at constant market prices (real GDP) improved from seven percent in the first quarter of 2015-16 to 7.4 percent in the second quarter of the fiscal.
 
The analysis said that in addition to robust growth, the year so far has witnessed macro-economic stability aided by favourable factors such as comforting inflation indicators, benign fiscal situation and improving external current account balance.
 
"All these factors have resulted in India emerging as the fastest growing economy among the large economies," the analysis said.
 
It said most agencies have predicted that India will continue remain the fastest growing economy in the medium term.
 
"With the reforms process gathering momentum, along with low inflation which should help in keeping a benign interest rate regime, one can expect the full year growth of real GDP to be in the range of 7 and 7.5 percent," the analysis said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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