Thursday, November 15, 2012

Where is Rs.1,76,000 crore?

Government of India was hoping to raise Rs.40,000 crore from the present round of 2G spectrum auction. But it could mobilise only around Rs.9,200 crore because of the present state of the economy, credibility of government and other adverse factors. Consequently, government's anxiety to contain fiscal deficit is under further strain.

It is shocking that the government is desperately trying to fish in its own troubled waters. Manish Tewari who is unreasonableness personified has unabashedly raised the question, "Mr.CAG, Where is Rs.1,76,000 crore?" If the CAG is bold enough to respond truthfully, he may say, "Mr.Tewari , search the pockets of your allies and leaders."

Does not Tewari know that the auction proceeds are a function of the shape of the economy? Prices are determined by market forces which constantly change. To equate 2008 with 2012 amounts to fooling the public.

The economist-prime minister as usual observes his maun vrat and thereby insults the nation.

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