The Comptroller and Auditor-General has reported several irregularities in the previous Government's policies and projects. It has specifically pointed out the sale of Centaur Hotel in Juhu and the National Highway Authority of India (NHAI) were abnormal. It said that the Centaur Hotel sale was irregular because despite the secrecy requirement using a "sealed tender" process, there were individual discussions with prospects. The NHAI was pulled up because of underperformance both in planning and implementation.

Focus

CAG Reports Irregularities

It was not clear if the CAG meant to make these observations as a post-project assessment for improvement or whether it was pointing out a deliberate break in process. The previous Government's coalition, the National Democratic Alliance (NDA), was quick to field its former Federal Minister for Disinvestment Arun Shourie to rebut the report. Shourie pointed out many anamolies in the CAG report and also pointed out inconsistencies in the way the CAG dealt with various projects.

Some papers also pointed out editorially that while the Communists were quick to heap blame on the NDA based on the CAG report, it virtually ignores numerous CAG citations in States where they have ruled for long periods of time-- West Bengal and Kerala. Some columnists also point out that the Communists blame others easilt but have run both these States to bankruptcy.

Economy

Make water harvesting mandatory: Kalam President ABJ Abdul Kalam on Wednesday called for making water harvesting mandatory for all buildings. Recommending a seven-point action plan for water, he said recycling of water should be compulsory particularly in hotels and industries where large amou

* * *

NCDEX launches initiative to support tribal farmers In a unique project that seeks to empower tribal growers of agricultural crops, the National Commodities and Derivatives Exchange (NCDEX) has shown how dissemination of correct market prices can convert growers into smart traders.

* * *

Opinions/Editorials

Is model nikahnama progressive?
Bardhan’s bluster
China or India? It's China and India
Contain the disease
Courtroom swings
Data accuracy: Key to credit information
Dragon and elephant
Enabling enclaves
False Figures
Global Players
India, Japan shaping a new future?
Landing the catch
Lights off
Look East, Differently
Monetary Policy 2005-06 -- Lending priority to infrastructure
Mullah-Military: The unholy alliance
Religion and politics in Central Asia
Terminate castes, let Dalits reign
Towards a strategic partnership
Unconvincing charge
Uniting politically against the King

The Union Cabinet approved a plan to introduce a Bill in the Parliament to simplify 1988 labor laws specifically pertaining to account keeping. Current levels demanded extensive recordkeeping that has long since ceased to be useful.

* * *

Referenced Articles

RBI working group calls for Warehouse Receipts Act THE Reserve Bank of India's Working Group on Warehouse Receipts and Commodity Futures has recommended that a Warehouse Receipt Act be passed to make the instrument negotiable.

* * *

States given bigger role in SEZ bill The Rajya Sabha today approved the special economic zone (SEZ) bill after the CPM forced changes in two clauses to allow state governments a bigger say in the setting up of the zones and removing the Centre’s power to change labour laws through a mere not

* * *

Business

‘Instability in Nepal has hit Indian investments’ Implementation of Indian projects have hit the roadblock after the introduction of emergency in Nepal.

* * *

Banks write off Rs 47,767 cr in 5 years If there’s a bad loan — which is irrecoverable — simply write off that asset. The banking sector seems to be following this modus operandi in a bid to clean up their account books and also get tax breaks in the process.

* * *

India’s rating falls in world competitiveness India has dropped to 39th rank this year from 34th position last year in the world competitiveness ratings. The IMD World Competitiveness Year Book, 2005 made public on Wednesday says India continues to be dogged by problems on several fronts.

* * *

Corporate

Bajaj Auto plans plant in Indonesia Bajaj Auto, the leading two wheeler maker is eyeing to set up a manufacturing plant in Indonesia and might go for a couple of more plants in some of the other south east Asian countries.

* * *

Bajaj Hindusthan raises $100 m Bajaj Hindusthan Ltd said on Wednesday it has raised $100 million through the issue of global depository receipts (GDRs) and foreign currency convertible bonds (FCCBs) and will be listed on the Luxembourg Stock Exchange.

* * *

Orchid to double tie-ups in Europe, US Orchid Chemicals and Pharmaceuticals aims to double the number of drugs for which it has a marketing tie-up for the European and North American markets to 70 in the next two years.

* * *

Reliance Energy arm to pick up stake in Gini & Jony THE investment arm of Reliance Energy plans to acquire 25 per cent equity stake in kidswear firm Gini & Jony.

* * *

Usha Martin eyes acquisitions in US USHA Martin Ltd, which has operations in Dubai, Thailand and the UK, is now looking at a couple of opportunities for acquisition in the US.

* * *

Summary

CAG cities irregularities in NDA projects and policies. Former Disinvestment Minister, Arun Shourie rebut the CAG's observations and charged it with inconsistency in content and message.

Cabinet clears Bill to amend labour laws to simplify recordkeeping by companies

The President Abul Kalam has recommended a seven point action plan that would require all states to harvest water

The National Commodities and Derivatives Exchange (NCDEX), through a unique project has empowered tribal agriculturists into being smart traders.

The Reserve Bank of India (RBI) working group on warehouse receipts and commodity futures has recommended to the Government for a Warehouse Receipts Act to make the instrument negotiable