More skeletons stumble out of Congress led UPA’s cupboards. The latest report of the Comptroller and Auditor General of India (CAG) on allocation of coal blocks and augmentation of coal production for the year ending March 2012 has come out with startling revelations.
The report estimates that the allocation of coal blocks was not done in a transparent manner and since July 2004, 142 blocks were allocated to various governments and private parties. CAG states that these allocations lacked transparency and objectivity.
CAG estimates that the private coal block allottees have made a whopping financial gain to the tune of Rs. 1.86 lakh crores. A substantial part of this could have accrued to the national exchequer if the decision taken way back in June 2004 to introduce competitive bidding for such allocations was implemented. The report notes that till date, the government of India has not finalized the modus operendi of competitive bidding.
Coal, like all other natural resources, is a national reserve. Given the fact that many public sector undertakings and state government undertakings and electricity boards require coal for generating power for the people and the economy, the allocation of coal reserves must be done in such a manner as to meet both the need of the governmental agencies and through a transparent and an objective competitive bidding.
The loss to the national exchequer is, thus, larger than the presumptive loss estimated by the CAG in the 2G spectrum scam. The men at helm is none other than our soft spoken Prime Minister. As with 2G scam, the government is in denial and is expected to play with numbers and show a zero loss or a notional loss.