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Government may table 16 CAG reports next week; all eyes on audit report of 4G spectrum auction

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By NewsGram Staff Writer

Mostly likely, the central government will put forward 16 audit reports by the Comptroller and Auditor General (CAG) next week. However, all the eyes will be on the audit report on the 4G spectrum auction in the communications and IT sector.

The allocation of airwaves in an unclear manner was questioned by the official auditor of India. During the audit, CAG put a question mark on the way pan India 4G broadband licences were given to Relaince Jio Infocomm. It was asserted by the auditors that the process was managed to benefit a small company. And, within hours of completion of the auction, that small company was taken over by a big industrial house. The auditor has also put a circle on the bank guarantee submitted by the company, which had bid for licences.

CAG also alleged that the Department of Telecommunications virtually gave out broadband market control to a major industrial house.

On the other hand, an audit report on the projects given by the Indian Renewable Energy Development Agency Ltd. (IREDA) is also of crucial importance.

CAG also analyzed government’s decisions taken during 2008-09 to 2012-13 while scrutinizing the selected projects. These include the UPA government’s Rashtriya Krishi Vikas Yojana scheme. This project was created to offer more flexibility to the states through elemental level planning. Rs 32,000 crore were allocated by the government during 2007-08 and 20012-13 for the scheme’s implementation in all states and union territories.

CAG has also submitted reports on implementation of nutrient-based subsidy policy for decontrolled phosphate and potassic fertilizers, railway finances, dual freight policy for transportation of iron ore and the supply and infrastructural development for natural gas.

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Reliance Industries to Set Up Wholly-Owned Subsidiary for its Digital Platform Initiatives

The company said in a statement that the move will ensure that monetisation opportunities accrue to the shareholders efficiently

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RIL's digital platforms include the categories MyJio, JioTV, JioCinema, JioNews and JioSaavn. Flickr

Reliance Industries on Friday said that it will set up a wholly-owned subsidiary for its digital platform initiatives with an investment of Rs 1.08 lakh crore.

Accordingly, the company’s move will lead to the creation of the largest digital services platform company in India.

RIL’s digital platforms include the categories MyJio, JioTV, JioCinema, JioNews and JioSaavn.

The company said in a statement that the move will ensure that monetisation opportunities accrue to the shareholders efficiently.

Reliance, Industries, Subsidiary
Accordingly, the company’s move will lead to the creation of the largest digital services platform company in India. Wikimedia Commons

“There is no impact in the value pre and post reorganisation for any shareholder; There is no impact on the consolidated debt of RIL,” the RIL statement said.

The company further said that the move will not impact RIL’s standalone credit profile given its robust cash flows and conservative leverage.

RIL’s Chairman and Managing Director Mukesh Ambani said: “This new company will be a truly transformational and disruptive digital services platform. It will bring together India’s No.1 connectivity platform, leading digital app ecosystem and world’s best tech capabilities globally, to create a truly Digital Society for each Indian. Jio has been heralding the digital services revolution in India and will continue to do so in the years to come.

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“Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners. We will induct the right partners in our platform company, creating and unlocking meaningful value for RIL shareholders.” (IANS)