Noting that corruption can't be eliminated by enacting Lokpal law, Rai said, "...if we can conscious of that, we can reduce the cronyism or nepotism and to that extent that we can tackle this hydra monster called corruption."
Replying questions on the the way CAG's assessments were being questioned by the government and other concerned agencies, Rai said "nobody faulted us on facts...This (loss figure) is debatable... if it is not Rs 1.76 (lakh crore), it may Rs 1.6 (lakh crore) or may be Rs 2.6 (lakh crore)".
The auditors, he added, give enough chance to stakeholders to give their version of the facts during the entry and exit conferences.
"We had 2-3 exit conferences where we say if we are wrong in facts, please point us out. We gave them enough or more opportunities to correct facts. The auditor will have opinion.
In its reports, it will obviously give the opinion. But on facts, we didn't want to go wrong", he added.
The assessment of loss running into lakhs of crores to the exchequer during allocation of 2G spectrum and coal blocks to private companies was questioned by the government and other agencies.
With regard to allocation of 2G spectrum the CAG in its report had pegged the loss of Rs 1.76 lakh crore to the exchequer, while the losses on account of allocation of coal blocks were estimated at Rs 1.86 lakh crore.