Tip of the iceberg

CAG presents a disturbing picture of govt spending

The Comptroller and Auditor General of India (CAG) on Tuesday tabled its report on spending in Parliament. The national auditor expressed concern that the government has taken to financing its expenditure through various methods of borrowing that are not reflected in the headline numbers in the Union Budget. It thus disguises the true level of the crucial revenue and fiscal deficits, and appears to be keeping to the path of fiscal consolidation even while deviating from it. There are multiple ways in which the government has been accused by the CAG of concealing off-Budget expenditure. For example, special banking arrangements