Back

Jayant Mundhra

 • 

Dexter Capital Advisors • 21h

This is mind-blowingly shocking. CAG has revealed that a staggering Rs 70.9k crore of public funds in Bihar are without a trace of accountability! 📛📛 The latest CAG report on Bihar's finances for 2023-24 reveals a shocking 49.7k Utilisation Certificates (UCs) are missing. For the layman, a UC is the only proof that money sent for a specific project - like building a school, a road, or a hospital - was actually used for that purpose. So, what now? .. Well, without these certificates, there is no assurance that these funds weren't simply diverted, embezzled, or misappropriated. The CAG itself uses these exact words, highlighting the severe risk to public money. So, let's break down where this accountability has vanished. The top five defaulting departments are responsible for the lion's share of this amount: - Panchayati Raj: Rs 28,154 crore - Education: Rs 12,623 crore - Urban Development: Rs 11,065 crore - Rural Development: Rs 7,800 crore - Agriculture: Rs 2,107 crore .. This represents a rampant erosion of grassroots development. Boils down to scamming every Bihari citizen of Rs 5.4k. - This is in a state where per capita income is Rs 59k a year - Just handing out the missing Rs 70.9k crore would have increased the per capita income of the state (for one year) by a strong 9% This is just so so sad! 🙏🙏 And please know that I am not suggesting we should be giving away money to people. That was just to put in perspective what an avg Bihari has been scammed of. .. What's even more perplexing is that this isn't a new problem. A significant chunk, over Rs 14,452 crore, pertains to UCs that have been pending since before 2017. This highlights a deep-rooted, systemic issue that has persisted for years across various administrations. .. Compounding the issue is the state's inability to spend its allocated budget. In 2023-24, the Bihar Govt spent only about 80% of its budget, leaving Rs 65,512 crore unspent. Yet, during the same period, the state's liabilities surged by over 12%, with internal debt climbing by a massive Rs 28,107 crore. We have a situation where allocated funds aren't being fully utilised, accountability for spent funds is lacking, and the state's debt is simultaneously increasing. This is a classic recipe for a fiscal crisis. And nobody’s talking about it!

2 Replies
2
15
Replies (2)

More like this

Recommendations from Medial

Image Description
Image Description

K

Ph • 1y

On average, male founders earned eight times their female peers in FY23, according to a PrivateCircle research on 114 Indian unicorns. The report also showed that male founders took home a median of Rs 1.8 crore, while their female counterparts earn

See More
3 Replies
1
9
Image Description

Mahendra Lochhab

Content creator • 3m

The TMT rebar industry's market size is estimated between Rs 1,30,000 crore and Rs 1,40,000 crore.

1 Reply
2
Image Description

Tushar Aher Patil

Trying to do better • 9m

Ritesh Agarwal-led hospitality giant OYO recorded a net profit of Rs 158 crore and revenue of Rs 1,578 crore in Q2 FY25, PTI reported. This marks a significant turnaround, as the company had posted a net loss of Rs 50 crore during the same period la

See More
1 Reply
4
Image Description
Image Description

Karan

It's Never Too Late • 5m

Rejected Rs 107 Crore Offer! This guy rejected a Rs 107 crore offer from an EdTech giant and chose to teach for just Rs 200.

14 Replies
24
Image Description

mg

mysterious guy • 4m

Rs 60,000 crore Holi festivals is projected to generate business worth over Rs 60,000 crore this year - Confederation of All india Traders (CAIT)

1 Reply
9
Image Description

Mahendra Lochhab

Content creator • 7m

The Aditya Birla Group is set to invest Rs 50,000 crore in Rajasthan across various sectors, including a Rs 6,000 crore investment in renewable energy within the next two years.

1 Reply
2
16

gray man

I'm just a normal gu... • 3m

The Andhra Pradesh Cabinet has given the green light to a major industrial project — the establishment of a steel plant by ArcelorMittal Nippon Steel India (AM/NS India), with a total investment of Rs 1.35 lakh crore. This ambitious project will be d

See More
Reply
7

Ram saravanan

Start up • 3m

Because BSNL does not bill Reliance Jio, the government loses 1,757 crore: CAG According to a CAG study, government-owned BSNL lost 1,757.76 crore in income because it failed to charge Reliance Jio Infocomm Limited for the additional technology use

See More
Reply
7

Applyly

Hey I am on Medial • 7m

Income of Cult.fit Crosses Rs 1,000 Crore in FY24 Fitness technology company Cult.fit has achieved a major point in FY24. The company achieved a total income of over Rs 1,000 crore consistently to depict the growth trend. This major accomplishment i

See More
Reply
1

Download the medial app to read full posts, comements and news.