India, Dec. 15 -- The comptroller and auditor general (CAG), in his report tabled in the state legislature, has rapped the state government for fiscal imbalance in the financial year 2024-25. The report emphasises 'expenditure waste and execution failure', highlighting the underspending of revenue and much lower spending on capital expenditure than budgeted, and amplification of bank guarantees, leading to contingent risk.

"According to The Bombay Financial Rules, expenditure in the closing month of the financial year should be avoided," states the report. "Contrary to this, expenditure in respect of 18 departments exceeding Rs.100 crore and constituting more than 25 per cent of the total expenditure was incurred during March 2025. Ninet...