President Pranab Mukherjee has said that a sustained average growth rate between eight to nine per cent is required to address the issue of poverty alleviation in the country.
Addressing the Annual General Meeting of the Indian Chamber of Commerce in Kolkata today, Mr Mukherjee said that the gap between domestic savings and domestic investment would have to be bridged to meet that target. He praised the NDA government at the centre for taking steps to bring in more FDI into the country.
The President also stressed on the need for improvement in both physical and social infrastructure, as well as development of skills of the youth for taking advantage of the demographic dividend.
On Goods and Services tax, GST, Mr. Mukherjee said that the states would have to come on board and develop an appropriate mechanism for its implementation.
Comptroller and Auditor General, CAG, has found irregularities and lack of financial transparency in various departments of Delhi government causing a revenue loss of crores of rupees. In its report, which was tabled in Parliament Friday, CAG said that test check of the records of 96 units of departments of Trade and Taxes, State Excise, Transport and others conducted during the year 2012-13 showed a revenue loss aggregating to over two thousand crore rupees.
The report also said that the Urban Development Department of the government has failed to provide basic services like sewer lines and drainage to all the 895 unauthorised colonies despite incurring expenditure of over three thousand crore rupees.
CAG also criticised the municipal corporation for not maintaining its community halls properly. Basic amenities and facilities such as drinking water, sanitation, drainage and electric fittings were absent or of sub-standard quality.
Central Bureau of Investigation,CBI, has registered a case of alleged bribery against Syndicate Bank CMD S K Jain. The allegation pertains to the CMD asking for bribe to extend credit facilities to certain companies. According to CBI sources, simultaneous raids at 20 places were conducted at Bangalore, Bhopal, Mumbai and Delhi in this regard.