Thursday, November 15, 2012

Voice of India, 2G auction flop is Congress's show

The recent flop of the 2G auction which netted a mere  9000 crores or so, when it was estimated that the figure should have been 5 times larger, reflects more on the failure of the Congress govt. than anything else, including the predicted estimated loss by the CAG.
So, to attack the constitutional body, CAG is erroneous and an attempt by the Congress to undermine its impact.
Imagine, yourself as a telecom company owner and you were contemplating participating in the 2G auction. The auction comes after the 3G spectrum has already been auctioned, so, already your interest in this retrograde commodity appears to be compromised. Why will any sane telecom player buy a slower spectrum for communication unless it can be had for a bargain. Therefore, the 2G auction can be likened to a liquidation sale or a sale of 2nd hand goods. Furthermore, this comes after strong scrutiny of the supreme court and tightening of credit by major lending banks which contributed to the buyers staying away from the Chor Bazaar of the 2G spectrum auctions.
It was a pathetic sight to watch Minister Manish Tiwari come on national news channel and taunting the CAG by asking, "Where is the 1.76 lakh crore loss.". The Congess's stand of a lesser or no loss is by no way vindicated. The value of the 2G spectrum in 2008 when it was auctioned was at a time when 2G was at the cutting edge of technology and a hot commodity and hence was valued much higher. Yesterday's technology is today's trash in the fast pace telecom sector.
The lack luster interest in the 2G auction should be construed as a failure of the Congress govt. Instead, the Congress party is portraying this fiasco as a vindication of its stand and has called for a press conference on friday, as a celebration party. This must be condemned by all and serious questions must be asked by the scribes covering the press conference. Furthermore, the CAG must also be permitted to have a press conference and contradict the misinformation, put forth by the Congress.

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