Imphal, Jul 9 : The audit reports of the Comptroller & Auditor General of India, which were prepared for submission to Governor Gurbachan Jagat under Article 151 of the Constitution, was today placed in the State Assembly.
As per the report, it was stated that ''there is an urgent need to ensure that the increased spending under capital heads materialise in actual asset creation and are not merely utilised for financing cost overrun of on-going projects.'' It was also upheld that an internal control mechanism be put in place to watch if the government's money was expensed prudently.
The average return on the Manipur Government's investment in corporations, companies and co-operative institutions varied between zero and 0.08 per cent in the past five years against average interest outgo ranging from 6.69 to 9.88 per cent, it was learnt.