Railways cartels cost US$ 1.7 bn |
The Cash-strapped Indian Railways will reportedly save Rs 10,000 crores annually if the railway board stops all centralized procurement, says a report by Metro man E Sreedharan. He has pointed out that the railway board has accumulated enormous sum of money in the hands of few, and hugely enhanced rent-seeking power that encourages corruption. The committee heard views of senior officials. Procurement is through cartel only, list of approved sources and cartels are synonymous, there is no item in which there is no cartel, Sreedharan says.
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