Economics is the art of evaluating the cost of the opportunity foregone. This is a delicate skill, as are all things that dabble in what-might-have-been. It is never that difficult, therefore, to over- or underestimate the size of the opportunity cost. In the case of the report of the Comptroller and Auditor General on the awarding of 2G licences, the figures should certainly be open to debate. They certainly come...

There is nothing sinister or diabolic about Union minister Kapil Sibal’s latest argument regarding the findings of the Comptroller and Auditor General (CAG) of India pertaining to the loss to the exchequer from 2G telecom licences in 2007. The basic argument pertaining to the erroneous notion of “presumptive loss” has been made before and Mr Sibal’s arithmetic is credible. Too much need not be made about this being a ministerial...

Accusing Union Telecom Minister Kapil Sibal of “trying to whitewash” the 2G spectrum allocation scam, Communist Party of India (Marxist) general secretary Prakash Karat on Sunday said that the people of India would not buy the Minister's argument that the Comptroller and Auditor-General's (CAG) finding on the loss of Rs.1.76 lakh crore was “utterly erroneous and without any basis.” “Now we understand why Kapil Sibal has been put in charge of...

The social Audit of development work under the MGNREGA in Todgarh panchayat, Ajmer, has confirmed the Rs 56-lakh embezzlement found by the district administration in a recent enquiry. The findings were read out at the social Audit gram sabha on Thursday. The Todgarh panchayat is close to Malaton Ki Weir, also in Ajmer, where anomalies amounting to Rs 1.41 crore was uncovered during a special Audit last year. "The scale...

Telecom minister Kapil Sibal today termed “utterly erroneous, baseless and sensational” the government Auditor’s estimate that the alleged 2G scam resulted in a presumptive loss of Rs 1.76 lakh crore. Sibal gave a detailed explanation of the priorities that drove the telecom policy and the benefits over the years to “the aam aadmi” — something his predecessor A. Raja did not or could not articulate till now. Drawing a parallel with free...