AGARTALA, September 5 (TIWN): A recent report of the Auditor and Comptroller General (CAG) of India revealed gross deficiencies in the state government’s propaganda of economic progress and said that the state PSUs were running terrible losses due to faulty planning and execution.Referring to the Tripura Handloom and Handicrafts Development Corporation Limited, the CAG report on economic sectors of Tripura stated that the company had ‘no vision and planned prientation in achieving its stated objectives’. The system of forming MOUs between the company and the state government wasn’t effective as the annual targets fixed under there weren’t based on any scientific studies, the report said.

 The CAG report further said that all three major projects taken up by the company during the last five years suffered massive cost and time overruns.

Taking a strong jibe at the state government’s policy of subsidy regime and infusing capital from time to time sans monitoring results, the report said that the THHDCL had suffered severe working capital crunch due to continous operating losses from 2008-2009 till 2012-2013. The state government had infused Rs. 27.93 crores during this timeframe.

The merger of the Tripura Apex Weaver’s Co-operative Society (TAWCS) with the company had also adversely affected its financial position, observed the report since internal control and monitoring system was ‘almost non-existent’ in the company, the report noted.

The CAG report finally exposed the futility of humanitarian championship of the state government and said that the government’s policy in running the company only took the condition of weavers registered with it to the worse. “It didn’t make any effort to assess the impact of its activities in uplifting the socio-economic conditions of the weavers or artisans in the state”, the report concluded.