At first Audit Diwas, PM Modi praises CAG, slams previous regimes for NPAs

The Prime Minister also said monetisation of unused and underused assets was a brave decision that helped revive the economy.

Prime Minister Narendra Modi on Tuesday said that while institutions lose relevance after a few decades, the Comptroller and Auditor General (CAG) of India is a heritage and every generation should cherish it.

Modi, who inaugurated a statue of Sardar Vallabhbhai Patel at the CAG office where he is attending the first Audit Diwas in Delhi, said there are very few institutions that become stroner, more mature and relevant with the passage of time.

The PM said that while assessing the work of the government, the CAG has the advantage of an outsider's viewpoint. “We make systematic improvements with the help of whatever you tell us, we see it as cooperation,” he was quoted as saying by news agency ANI.

He said that due to a lack of transparency in the country's banking sector, various practices used to take place that resulted in an ever-increasing NPAs (non-performing asset) of banks. “You know very well the work done to brush the NPAs under the carpet earlier,” he added.

“But we presented the reality of the previous governments, the actual situation, honestly before the nation. We will be able to find out a solution only if we identify the problems,” the PM said.

Speaking about monetisation of unused and underused assets, he said it was a brave decision that helped revive the economy. “The move is being discussed and welcomed across the world,” he added.

Earlier, CAG GC Murmu said the particular day was chosen as the first Audit Diwas due to its historical significance.

“Under the Government of India Act 1858, after the merging of audit departments of Bengal, Madras & Bombay presidencies, on November 16, 1860, the first Auditor-General took charge,” Murmu said.

A PTI report said Audit Diwas was being celebrated to mark the historic origin of the institution of CAG and the contribution it had made to the governance, transparency and accountability over the past several years. The institution was founded in 1858.

Updated on Nov 16, 2021 11:38 AM IST

By hindustantimes.com, New Delhi