The current railway projects need to be reviewed, according to Comptroller and Auditor General (CAG) Girish Chandra Murmu, in order to ensure economic efficiency and transparency in their functioning, which will lead to good governance.
Speaking at a conference on management issues in railway public enterprises, Murmu said the railways’ public sector undertakings (PSUs) ought to adhere to corporate regulations. “Economic returns rather than financial returns of the PSUs need to be studied, too. Cost and time overruns are common problems that must be watched for, the speaker continued.
According to a CAG statement, India has the fastest-growing economy in the world, and Murmu noted that it has one of the largest railway networks, which is essential for its entire logistics and transportation strategy. “The conclave will enable us to hold more meaningful interactions to create an efficient economy,” he said, “even though the railways have a lot of duties and enormously contribute to the economy.”
Every government organisation, according to Murmu, was founded with a purpose, and certain corporations were founded with particular goals in mind. However, there needed to be a significant adjustment. In terms of financial accounting and performance accounting, there should be accountability and responsibility. We are discussing the economics of returns and the simplicity of conducting business, both of which are critical,” he remarked.
“The auditor’s job is to look at what the different railway mandates are and how you are performing not only in terms of capital deployment, but also how it is affecting returns,” the CAG stated. It is our responsibility to consider how investments in resources will advance our nation. We’re working to accelerate the entire development process. Utilising resources effectively and efficiently is necessary.