Narayanasamy vows to eradicate corruption in cooperatives

Puducherry Chief Minister V Narayanasamy today criticised the "poor functioning" of various cooperative societies and undertakings in the union territory and said the government would not remain a silent spectator to mounting losses in the cooperative societies.
Speaking at the 63rd all India Cooperative Week celebrations organised by the Department of Cooperatives here, he said though the fiscal position of the government was "very poor", functioning of the cooperative societies were being taken care by allocating adequate funds.
"It is however indeed a matter of serious concern that most of the societies were steeped in corruption and malpractices causing heavy losses without break", he said, adding, "the government would not remain a silent spectator to poor showing of the cooperative societies and undertakings."

He also said the poor fiscal position of the government had been aggravated with the fall in revenue through Sales Tax and Excise Duty during the last one month after demonetisation.
"A twenty five per cent fall in revenue has reported due to fall in business and trade due to demonetisation, he said.
He said that the Centre had also brought down its grants in the Union Territory's budget from 70 per cent to 30 per cent.
"Our government is thus functioning amid several odds and difficulties", he said.
Narayanasamy said he had presented a detailed picture of the poor predicament of the Puducherry government in the last three months with the Union Finance Minister Arun Jaitley and sought his intervention.