New Delhi, Aug 23 (ANI): Corporate Affairs Minister M. Veerappa Moily has said that a 'credibility gap' in the recent report of India's Comptroller and Auditor General (CAG) could possibly trigger a policy paralysis if it gets more attention than what it is due.

Moily observed that the report's findings were speculative or more of presumptions and assumptions.

Further the auditors lacked the depth of technical research into both the coal mining and power sectors, he said.

We find a lot of credibility gap in that report, because it is far from reality. I think if that kind of a report is given, without proper study and research, and also an in-depth study of the power sector, and also with regard to the allocation of the coal. Perhaps, you know, they will be precipitating a policy paralysis in the government. I think they will be contributing to that, Moily added.

Moily further said that the CAG was an accounting body and lacked the perspective to make sweeping suggestions on technical issues, adding that it was important to assess the limits of the CAG's authority.

You should also know, that (the CAG) is not a technical body. It is an accounting body. (If) they get into the area and horizon of a technical and a professional thing, it is very difficult. Ultimately, we will land into problems. That is why, they are not to suggest. Just like an accountant, they are giving a report on an accounts basis. It cannot be on a research basis, (or) a professional basis. This is how the limits of the report will have to be judged, added Moily.

The recent CAG report had observed that the government had allocated coal blocks, at a fraction of market prices, potentially costing the exchequer tens of billions of dollars in lost revenues.

The BJP has held the Prime Minister, who then held direct charge of the Coal Ministry, responsible for what has been estimated as loss of Rs 1.86 lakh crores by the CAG in coal block allocation and demanded his resignation.

The CAG report on coal block allocation states that nearly 150 coalfields were allotted to private and state-run firms without transparency and objectivity between 2005 and 2009.

The report does not indict the Prime Minister or his office. But the BJP is emphasizing on the fact that for three of the years under scrutiny, the Prime Minister held the coal portfolio. (ANI)