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GoN invested Rs 296.17 cr, gets return of Rs 49 lakhs: CAG

Nagaland News

DIMAPUR, MARCH 29: The Government of Nagaland made an investment of Rs 296.17 crore in Government companies, statutory corporation, co-operative societies and joint stock companies as per the Finance Account 2012-22, and the return on these investments was a meagre Rs 0.49 crore (Rs 49 lakhs) by way of dividends during the year.
Touching on the quality of capital expenditure, the CAG Report said if the State Government keeps on making investments in loss making Government companies, whose net worth is completely eroded, there are no chances of return on investment.
“Similarly, experience has shown the inevitability of write off of the loans given to loss making corporations and other bodies such as sugar mills, financial corporations, etc. Requisite steps have to be taken to infuse transparency in such financial operations”, it suggested.
(Page News Service)