The 2G spectrum scandal is straining to have a boomerang effect — the BJP is likely to pay the ultimate price for the “scam” that brought it to power.
바카라 웹사이트The trial by media and judicial decisions following the cry of the Comptroller and Auditor General (CAG) has a huge financial burden still breaking on the economy. The figure could be as high as Rs 8 lakh crore — much higher than what the notional loss projected in the 2G spectrum scandal.
바카라 웹사이트A special CBI court acquitted all accused of charges in the “2G scam” holding that the prosecution failed to prove those charges.바카라 웹사이트
바카라 웹사이트While doing so, the judge has noted, “Nonunderstanding바카라 웹사이트of바카라 웹사이트issues in proper perspective led to a suspicion of바카라 웹사이트grave바카라 웹사이트wrongdoing, where there was none, at바카라 웹사이트least바카라 웹사이트as바카라 웹사이트per바카라 웹사이트record바카라 웹사이트of바카라 웹사이트the바카라 웹사이트Court.”
바카라 웹사이트The 2G spectrum scandal broke following a CAG report of perceived or “notional” loss of Rs 1.76 lakh crore. It used three ways to calculate that the then UPA government had auctioned off telecom spectrum for a much lower price.바카라 웹사이트
The media played up the report for several months and led to an “anti-corruption” mood in the country. BJP and other political outfits used the CAG report to create political capital that has brought it to power. Anti-corruption, along with other issues of corruption, inefficiency and inflation under the Congress-led UPA government, was the main plank that brought the Narendra Modi government to power.
바카라 웹사이트BJP lawmaker, Subramanium Swamy, took the 2G scandal investigation to the Supreme Court asking it to monitor the probe leading to observations by the apex court that the CBI was acting as a “caged parrot” of the then UPA-led government.바카라 웹사이트
바카라 웹사이트Elaborating on the impact of not understanding of any wrongdoing, the judgement records, “This factor greatly contributed to the controversy in바카라 웹사이트the바카라 웹사이트instant바카라 웹사이트case as the DoT could neither effectively communicate the바카라 웹사이트issues바카라 웹사이트to others nor others could바카라 웹사이트understand바카라 웹사이트the바카라 웹사이트same.바카라 웹사이트The바카라 웹사이트issues바카라 웹사이트got snowballed바카라 웹사이트when바카라 웹사이트media바카라 웹사이트reports바카라 웹사이트started바카라 웹사이트appearing.”바카라 웹사이트
바카라 웹사이트One media report is mentioned in the judgement, titled “Jarring Call: Grabbing precious spectrum바카라 웹사이트for바카라 웹사이트a바카라 웹사이트song.” The news report had claimed that the ministry had not accepted the DoT and Telecom Regulatory Authority of India라이브 바카라 recommendation to auction the spectrum. The news report claimed that it had led to a Rs 10,000 crore loss.바카라 웹사이트
바카라 웹사이트The judge points out that the DoT had pointed out that this report was factually incorrect but “nobody believed바카라 웹사이트the바카라 웹사이트version바카라 웹사이트of바카라 웹사이트DoT바카라 웹사이트and바카라 웹사이트a바카라 웹사이트huge scam was seen by everyone where there 바카라 웹사이트 was none.바카라 웹사이트 These factors compelled people to conjecture about a big바카라 웹사이트scam.바카라 웹사이트Thus, some people created a scam by artfully arranging바카라 웹사이트a바카라 웹사이트few바카라 웹사이트selected facts and exaggerating things beyond recognition to astronomical바카라 웹사이트levels.”
The hype had a great impact on the way that the Department of Telecommunications (DoT) functions. Insiders say that the DoT became extremely cautious and almost all decisions were made in line with public and court opinion coupled with a fear of the CBI misreading any moves.
바카라 웹사이트The impact fell on the telecom industry that was doing quite well. From soaring profits, the telecom companies — many of which have since shut down or disbanded — are now indebted to the public exchequer and banks by around Rs 8 lakh crore. Of this, Rs 3 lakh crore is in deferred license fee and the rest to banks for both loans and the interest.
바카라 웹사이트“Look at the 2007 written recommendations of Nripendra Mishra. In several places, he wrote that licenses to new operators, such as Unitech, should be given at same price as other operators. That라이브 바카라 what Raja did,” points out an expert. “Surely, someone took money and it resulted in a scam but the industry has paid a price.”
The Rs 1.75 lakh crore of perceived loss is based on a document between the TRAI and DoT, four years after the allocation was made. This means that the audit was based on a principle that was set four years after the allocation had been made.바카라 웹사이트바카라 웹사이트
바카라 웹사이트The audit was also based on the price of a different band of spectrum and the principle was applied in retrospect.
바카라 웹사이트There is a heavy price that the telecom consumer ultimately paid, along with the service providers. The 3G spectrum was sold for Rs 75,000-80,000 crore, which has now inflated into lakhs of crore due to the rate of interest. The consumer also paid a much higher price for using 3G services. The reason is that the government in 2010 was especially cautious after being blamed in 2007-08 for causing a loss during the 2G spectral allocation.
Once 4G was launched, competition has pushed all service providers to buy and provide 4G at a much lower cost. This is while they still owe the banks and the public exchequer lakhs of crore of rupees in debts for buying 3G spectrum and licenses. Therefore, recovery of the investment in 3G will be near impossible.
바카라 웹사이트Some of the telecom companies have shut down since but the burden of loss remains. Failure to pay up the loans will end up in more non-performing assets (NPAs).바카라 웹사이트
바카라 웹사이트Eventually, the economy is likely to suffer a real (and not notional) loss, swallowing up any vestiges of growth that surface. The blame will automatically fall on the government of the day — one that was formed on the 2G scandal, bringing it full circle with optics helping little to clean up the mess.
