Transparency key to achieve high economic growth: Vinod Rai

Published: 03rd November 2012 08:20 PM  |   Last Updated: 03rd November 2012 08:21 PM   |  A+A-


Concerned over corruption, Comptroller and Auditor General (CAG) Vinod Rai today cautioned that India cannot achieve and sustain high growth rate without transparency and accountability.

"Economic growth cannot be made sustainable, cannot be made inclusive, unless it is based on transparency and accountability," he said while speaking at the 11th All India Lokayuktas Conference 2012 here.

The issue of corruption in India is not new, he said, adding that the country needed to deal with it effectively to achieve and sustain 8 per cent economic growth rate as "there is just no (other) way."

Government auditor CAG in its reports on 2G spectrum, coal blocks allocation and other issues had highlighted various practises of the government that lead to huge loss to the exchequer. These reports had evoked sharp reaction from the government.

The Indian economy had been growing at over nine per cent till the global financial meltdown pulled the growth rate to 6.7 per cent in 2008-09.

As regards the functioning of the CAG, Rai said, the government auditor has started coming out with booklets to create public awareness on issues related day-to-day issues.

"We have now started reducing our complicated audit reports into small booklet named noddy books. On all issues related to social sector, we have brought booklet of 14-15 pages," he said.

The effort should be to achieve excellence and not "celebrate mediocrity", he added.

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