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Besides irregularities and cost overrun at KG basin project, the auditor has also noted that.
GSPC has suffered financial losses in gas trading activities on account of undue favours.
extended to Chief Minister Narendra Modi's most favoured industrial house, the Adani group..
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'During 2006-09, GSPC sold gas to Adani group at a price which was much lower than its.
purchase price. This incurred loss of Rs 70.5 crore (Rs 705 million),' stated the report..
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According to Gohil, the Adani group has consistently been doled out over 5. 84 crore sq m of.
precious coastal land at a paltry rate ranging from Re 1 to Rs 32 at Mundra in Kutch..
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The audit report for the year ending March 2011 also slammed other public sector units.
owned by the Gujarat government for financial irregularities to the tune of over Rs 4,000.
crore (Rs 40 billion)..
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The report alleges that Adani Energy received undue advantage of over Rs 71 crore (Rs 710.
million)..
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The Opposition has approached Governor Kamla Beniwal for action following the CAG.
report..
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Gujarat Congress president Arjun Modhwadia confirmed that they will be meeting the.
governor soon..
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He said, "The CAG (report) exposes the Modi government's corruption, their favouritism to.
certain industrialists. If Modi was courageous and honest he should not have tabled the report.
on the last day of the assembly session.".
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The state government has, expectedly, dismissed the CAG allegations..
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Jaynarayan Vyas, spokeman and Cabinet minister, while defending his government, said,.
"The CAG report means nothing." He tried to explain that the CAG report would now go to.
Public Accounts Committee, and one should not believe what Opposition leaders are saying..
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In Gandhinagar, no political leader of the Modi government could explain, "if the CAG is.
nothing", then, why at the Centre, the Bharatiya Janata Party is wholly endorsing the CAG's.
reports on the Commonwealth Games, 2G spectrum allotment and coal mines allotment that.
indicts the United Progressive Alliance government..
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The state government-owned Gujarat State Petroleum.
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Corporation (GSPC) is another likely beneficiary--it has also.
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been seeking a higher price to make production from its K-G.
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basin block viable. At the same time, D.J. Pandian, chairman of.
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"Like with GST, gspc says, "Even though gspc stands to benefit as an upstream.
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this should have company, we will be put to great hardship as power producers,.
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been discussed for it will add Rs 2 per unit to our cost." Given that a large chunk.
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with the states. of power goes to agriculture and industry, the hike in power tariff.
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The decision will hurt end-users..
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seems coarse, Experts are critical of the government assumption that higher gas.
arbitrary."M.R. prices will attract foreign investments, as in the last 10 years,.
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Venkatesh, CA despite pegging crude oil prices to import parity and deregulating.
and political all petroleum products, inflow of FDI has been insignificant..
analyst, Chennai "The assumption is based on a false premise. What worries me is.
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that the subsidy bill will be humungous if this price goes.
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through," says CPI(M) Rajya Sabha member Tapan Sen, who.
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feels let down by fellow parliamentarians. "The opposition should have come a long time.
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back.".
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Unfortunately, gas price seems unlikely to be a major issue in the upcoming elections. So far,.
only Tamil Nadu chief minister Jayalalitha has spoken against the price hike. Says M.R..
Venkatesh, a Chennai-based chartered accountant and political analyst, "Like in the case of.
GST, this should have been discussed with the states, as they would be affected. The decision.
looks coarse and arbitrary and is likely to be challenged under Article 14 of the Constitution.".
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Well, even if the deal is done, it's the post-hike reluctance to discuss its fallout that is the.
most worrying. "I don't see any political fallout caused by this decision because political.
parties in our country are not vigilant enough," says K. Keshav Rao, a former Congress Rajya.
Sabha member who recently joined the TRS. That's when one wonders if a delay in decision-.
making is actually better than a wrong one being taken--all in the name of reforms..
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Primer: Everything You Need To Know On The Gas Price Rip-Off.
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What is the gas price all about?.
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It is natural gas produced within the country; unlike imported liquefied natural gas (LNG)..
This is viewed as a cheaper and more environment friendly fuel compared to imported crude.
oil..
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Where is this natural gas found?.
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Both onshore and offshore. Currently Bombay High produces the most gas; Assam, Andhra.
Pradesh, Gujarat, Rajasthan, Tamil Nadu, Tripura are other states where gas is being.
produced..
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How much gas does India have?.
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In 2012-13 India produced 47,558 million cubic metres of gas, a drop of 14.5% from the.
previous year. India's gas imports have been steadily rising, up to 30% of total consumption.
last year..
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CAG finds irregularities of Rs26,672 cr in.
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Narendra Modi govt.
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Saturday, Mar 31, 2012, 16:07 IST | Place: Gandhinagar | Agency: DNA.
DNA Correspondent.
www.dnaindia.com/india/1669770/report-irregularities-of-r....
narendra-modi-govt-cag.
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The state government and various Gujarat-owned PSUs have come under fire from the CAG.
for 'rampant corruption and irregularities'/.
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The state government and various Gujarat-owned PSUs have come under fire from the.
Comptroller and Auditor General (CAG) for 'rampant corruption and irregularities'. In its.
reports that were tabled in the state assembly on Friday (the last day of the current session),.
the CAG has estimated bungling of more than Rs16,000 crore in 2010-11. It had also.
pointed out irregularities of Rs26,672 crore in the Modi government in the last nine.
years..
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The watchdog also severely indicted the state-owned Gujarat State Petroleum Corporation.
(GSPC) for favouring industrial houses..
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"Against estimated exploration cost of $109.70 million (Rs500 crore), the actual drilling cost.
incurred was $1.40 billion (Rs6,265 crore), i.e. 12.8 times higher than original estimate. This.
was due to submission of bids for KG block without proper assessment of technical and.
financial issues," CAG said. CAG said that GSPC had purchased gas on spot prices but sold.
it at lower prices, resulting in extension of undue benefit of Rs70.54 crore to Adani.
Energy. Cag found GSPC subsidiary, Gujarat State Petronet Limited, to have passed on.
undue benefit of Rs12.02 crore to Essar Steel by way of waiver of capacity charges contrary.
to provisions of gas transmission agreement..
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"The CAG has exposed corruption of a staggering Rs16,706 crore by Narendra Modi.
government. There is bungling of crores of rupees in award of contracts," alleged leader of.
opposition, Shaktisinh Gohil..
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CAG was also critical of the functioning of a host of other PSUs such as Dahej SEZ Limited,.
Gujarat State Electricity Corporation Limited, Gujarat Urja Vikas Nigam Limited, and Sardar.
Sarovar Narmada Nigam Limited, among others, stating they had incurred avoidable.
expenditure..
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It highlighted various irregularities in the functioning of government departments, and cited.
several instances of non-utilisation of Central grants for various projects. It also spoke about.
the long delays in the execution of several projects, and wasteful expenditure incurred on.
them. Apart from financial losses, the CAG also pointed out some of the social,.
environmental and ecological losses, which are immeasurable in terms of money but cost.
heavily to the state..
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