CAG needs radical thinking in audit to ensure PSUs remain competitive: Arun Jaitley

Finance Minister Arun Jaitley Thursday said some ‘radical thinking’ is needed on the part of CAG while auditing books of accounts of state-owned companies as they are now expected to take quick decisions to compete with their private sector peers. And therefore, this impacts on their performance, this impacts on the timetable, whereas the private sector is free from this. He said the time has now come for the CAG, government and judiciary to appreciate the competitive environment, in which the PSUs now operate is entirely different from the pre-1991 regime. Jaitley said while PSUs have to face audit by the CAG and follow a prescribed procedure for tenders and hiring employees, the private sector companies enjoy flexibility as there is no fear of such audit. He said the public sector companies are unable to take quick decisions as compared to their private sector counterparts because of various regulation.

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