Correspondent
Shillong, Sep 2: The Hynñiewtrep Youths’ Council (HYC) on Wednesday urged the Meghalaya assembly’s Public Accounts Committee (PAC) to examine the serious financial concerns arising from the findings of the Comptroller and Auditor General of India (CAG) regarding the government’s investment of around Rs. 4,444.43 crore in 22 State Public Sector Enterprises (SPSEs).
In a petition submitted to the PAC chairperson, Miani D. Shira, HYC President Roy Kupar Synrem said the reported investment of Rs. 4,444.43 crore against a return of only Rs. 0.20 crore as of March 31, 2025, was a matter of grave public concern.
Expressing serious concern over an additional Rs. 7467 crore investment during 2024-25 fiscal year despite negligible returns on existing investments, the HYC demanded the PAC to inquire into the justification, source of funds, financial assessment and due diligence behind such additional investment.
“The matter becomes even more serious as the CAG has reported that the average rate of interest on Government borrowings was 5.31 per cent, while the return on investment remained negligible,” Synrem said, underscoring the need for a PAC probe.
While highlighting that three SPSEs reportedly made profits but paid no dividend to the government, and two SPSEs were non-working/ defunct, the council demanded a thorough examination of their accounts, investments, liabilities, viability and the reasons for the absence of any Policy for payment of dividends.
“Rs. 4,444.43 crore is public money. When such a massive investment reportedly generates only 70.20 crore in return, the people of Meghalaya deserve answers. The government cannot continue investing public money without demonstrating financial prudence, accountability and measurable returns,” Synrem said.
He said the PAC must undertake a comprehensive performance and viability review of all 22 SPSEs, and examine any failure to exercise due diligence or comply with financial propriety.
Demanding that responsibility should be fix wherever warranted, Synrem demanded that the government must ensure that it submits a time-bound action taken report on the matter.
Reiterating that the CAG findings concerning thousands of crores of public money must not remain merely as observations on paper, the HYC Chairman said, “There must be accountability, corrective action and transparency in the management of public funds.”
He said the council stands firm in its commitment to safeguard the financial interests of the people of Meghalaya and ensure that every rupee of public money is used prudently, responsibly and in the larger public interest.