CAG: Rlys lost 93% funds during Mamata tenure

Discussion in 'Politics & Society' started by ejazr, May 17, 2012.

  1. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    CAG: Rlys lost 93% funds during Mamata tenure - Indian Express

    Railway Minister Mukul Roy may want to run the Indian Railways on the same lines as his party boss and predecessor Mamata Banerjee, but the latest audit report of the Comptroller and Auditor General (CAG) tabled in Parliament on Tuesday says Mamata’s tenure largely witnessed the collapse of Railways’ financial health.

    Auditing the Railways for the year ended March 2011, the CAG report says that Railways’s accumulated funds eroded by 93 per cent during this period leading to “a severe financial crunch”.

    Like many other government institutions in the recent past, such as the Standing Committee and the Planning Commission, now even CAG has recommended a hike in passenger fares and freight rates to bring the national transporter out of the mess.

    While CAG noted that the huge burden of the Sixth Pay Commission and the overall slowdown of the economy did impact Railways’s finances significantly in the past five years, the transporter is, nevertheless, fraught with unsound financial practices, its whole budgeting exercise is faulty and non-transparent.

    For instance, the Railways spent 64 per cent of working expenses on administrative, operational and maintenance activities while only 36 per cent was spent on creation and augmentation of infrastructure facilities. The Railways’s dependence on funds from the government has also been increasing over the years since its core activities — carrying passengers and freight — have been bleeding its resources. Its capital fund and development fund showed a huge negative balance.

    “This situation would ultimately affect long term sustainability...Railways will be severely handicapped to finance any future developmental expenditure until these funds are recouped over and above the negative amount of Rs 2,101 crore out of revenue surplus,” CAG noted. Similarly, it has also recommended that after a much-needed review, all non-remunerative works pending in the Railways be scrapped.
     
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  3. utubekhiladi

    utubekhiladi The Preacher Elite Member

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    congress needs to pack their bags and go. just because a threat from mamata and lust to stay in power, they have screwed entire railway system.
     
  4. sob

    sob Moderator Moderator

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    I shudder to think what this lady will do WB during her tenure.
     
  5. pmaitra

    pmaitra Moderator Moderator

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    She will blackmail MMS. ;)
     
  6. utubekhiladi

    utubekhiladi The Preacher Elite Member

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    she is already doing it :dude:
     
  7. pmaitra

    pmaitra Moderator Moderator

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    Oh, BTW, when is Mamata going to change the colour of this logo from red to green?

    [​IMG]
     
  8. pmaitra

    pmaitra Moderator Moderator

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    Mukul Roy is a thug. Indian Railways might as well be nicknamed Indian-Thug-Has-His-Way!
     
    prahladh likes this.
  9. sob

    sob Moderator Moderator

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    PM the choice of colour is blue for Didi.
     
  10. olivers

    olivers Regular Member

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    What do you expect? All railway lines laid in the past 15 years went to Bihar and West Bengal. A lot of trains also went that way. In Bihar only the gentleman pay for tickets. The rest will threaten you and take your seat even if it's reserved. You have to accommodate five people. Most without tickets. Railways needs to be taken out of the ministry level and needs to be run by a railway board and held accountable for profits. They should plan the routes, trains and expansion based on profits and not politics.

    In another 5 years it will be irredeemable like Air India.
     
  11. utubekhiladi

    utubekhiladi The Preacher Elite Member

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    very well said. congress needs to go
     
  12. panduranghari

    panduranghari Senior Member Senior Member

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    Just railways no. Entire country including defence yes.
     

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