Indian politicians make us proud again; we pay for unused moneys
The Hayashi Ya Japanese restaurant on the upper west side of Manhattan (857 9th Ave; no, we haven’t been there) is quite amusing in that it charges patrons for any food they leave on the plate. They have no idea how close to aping them are the World Bank and ADB. While a majority of India Inc. is facing problems of a huge credit crunch, India is also shockingly having to pay ‘obligation charges’ to the World Bank and the Asian Development Bank for unused sanctioned foreign assistance – India is sitting idle on nothing less than $15.6 bilion (Rs 78,000 crores).
Despite the Comptroller and Auditor General’s various frailties, thanks to the agency that media and even our so-called policy makers have come to know about this ignored amount. The government has had to pay Rs.124.54 crores to the World Bank and the ADB as commitment charges.
The Hayashi Ya Japanese restaurant on the upper west side of Manhattan (857 9th Ave; no, we haven’t been there) is quite amusing in that it charges patrons for any food they leave on the plate. They have no idea how close to aping them are the World Bank and ADB. While a majority of India Inc. is facing problems of a huge credit crunch, India is also shockingly having to pay ‘obligation charges’ to the World Bank and the Asian Development Bank for unused sanctioned foreign assistance – India is sitting idle on nothing less than $15.6 bilion (Rs 78,000 crores).
Despite the Comptroller and Auditor General’s various frailties, thanks to the agency that media and even our so-called policy makers have come to know about this ignored amount. The government has had to pay Rs.124.54 crores to the World Bank and the ADB as commitment charges.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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