CAG Needs Radical Thinking in Audit to Ensure PSUs Remain Competitive: Arun Jaitley

CAG Needs Radical Thinking in Audit to Ensure PSUs Remain Competitive: Arun Jaitley Arun Jaitley said the environment in which the PSUs operate have changed after 1991, though they have to adhere to the rules framed when state owned companies used to enjoy monopoly in their respective sectors. (PTI Photo) New Delhi: 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. Jaitley said the environment in which the PSUs operate have changed after 1991, though they have to adhere to the rules framed when state owned companies used to enjoy monopoly in their respective sectors. 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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