Vinod Rai-The name that creates fear

Vinod Rai, the eleventh Comptroller and Auditor General (CAG) of India has the credit of transforming the CAG as a nation's accounts keeper to conscience-keeper and a watchdog.  Since he took over in 2008 as CAG he has been pointing that something is amiss in the nations' state of affairs.

Prior to becoming the CAG, Rai, 1972 batch Kerala cadre IAS office has held several important positions in the Government of India including Secretary, Financial Services and Additional Secretary in the Banking Division under Ministry of Finance.

Under Rai's leadership, CAG is credited for the report on issue of licences and allocation of 2G Spectrum which resulted in a huge controversy in the entire country. The report estimated that there was a presumptive loss of Rs 1.76 lakh crore.

In a charge-sheet filed on 2 April 2011 by the investigating agency Central Bureau of Investigation (CBI), the agency pegged the loss at Rs 30,000 crore.

All the speculations of profit, loss and no-loss were put to rest on 2 February 2012 when the Supreme Court of India on a public interest litigation declared allotment of spectrum as "unconstitutional and arbitrary" and quashed all the 122 licenses issued in 2008 during tenure of A. Raja of communications & IT minister the main accused.

The court further said that A. Raja "wanted to favour some companies at the cost of the public exchequer" and "virtually gifted away important national asset".

Revenue loss calculation was further established on 3 August 2012 when according to the directions of the Supreme Court, Govt of India revised the spectrum price to Rs 14,000 crore.

Since its report on 2-G Scam, CAG under Rai has come up with explosive reports that include financial irregularities during the Commonwealth Games, favours to the Reliance Industries for the extraction of natural gas in the KG basin. All these reports have made the UPA II to squirm, looking for answers.

Last time the CAG's report snowballed into major political consequences for Congress (I) was its report on Bofors in 1989.

Aware of the limitations of its mandate, Rai has asked the government to amend the 1971 Audit Act-to ensure that government departments reply to audit enquiries in 30 days; stipulate a clear timeframe for the tabling of completed audit reports on the floor of the relevant legislature; to audit public-private partnerships.

Now with the placing of three reports-on GMR Delhi Airport deal, the coal auctions and Ultra Mega Power Projects on Thursday in Parliament, the UPA's trouble shooters will have a field day dealing Opposition’s ire, media queries and anger from civil society.

As far Rai, CAG will come with several other audits calling for more transparency and accountability in our democracy.

No wonder, former CAG TN Chaturvedi in an interview to this correspondent last year linked the future of CAG to the future of Indian democracy.