Coal Gate Scam, an actual loss or a potential loss???

In 1972, the US President Richard Nixon sent burglars in the office of the rival party situated at Watergate to get some classified information. To his dismay, the operation got busted and ultimately the President had to resign from his post. He is the only President in the history of United States of America to have resigned from the post of President. But a legacy was created simultaneously in the name of the scam which due to its scalability gets a place in the scams worldwide to have such a big impact. The suffix “gate” is used hitherto for all scams of such scale. The Coalgate scam, 2G scam are the scams which were awarded the title of “gate scams” due to their large scalability. The coal gate scam, one of the largest so far exemplifies the capabilities of wrongly drafted legislations to cause losses of such a huge scale to the economy of a country. The estimated loss of 1.86 lac cr is sufficient enough to meet the basic demands of many small countries around the world. But whether the loss estimated by CAG and shown by the media was really a loss to the exchequer or was just another attempt to create a sensation and unrest in the world’s largest democracy. In 1973, the Coal mines act gave responsibility to the States over their respective coal mines. In 1992, a screening committee was formed which involved the coal minister and the seven member states accountable for captive coal auctioning.

Well, the news aired in 2012 which said that the decision of government to give coal blocks to private and public companies without the auction caused a loss of 1.86 lac cr rupees. Nowhere in the news was it mentioned that it was a potential loss which was to occur over a period of 100 years. Another claim made by the news reports referring the CAG report and accusing the government was to have given the companies an advantage of “windfall gains”. Though the then PM and the coal minister rebutted the claims stating that the profits made by the companies were anyhow taxable.

The assumption based on which the loss was estimated is also a point of debate as the coal mines that were auctioned, are in the remote places, are the hardest ones to extract coal from which makes the cost of production pretty high and reduces the estimated loss to a pretty much less scale.

Though the idea of giving coal mines without auction was not right and makes the screening committee responsible for the scam, but the whole exercise has put up a question on the role of today’s generation of media in explaining the facts related to a news. Is it their deliberate tendency to create a sensation among the masses and their willing preference towards it rather than creating a true awareness or is it just a mere chance that they missed out these facts of the very CAG report they held as their reference.

#imadethisup:D:D:D

F16, the hopes are high

With the new elected NDA government focused over bringing economic reforms, it looks as a new dawn for the Indian economy is on the verge. The recent debates going on in the parliament regarding land acquisition act, the points given by the FM in support of the amendments show clearly the intentions of this new govt. to push the reforms. In the current scenario, the Indian economy seems facing a halt due to many pending projects due to inefficient land acquisition act. The recent example of it is the ongoing dispute be in the Korba region where acquiring just 6 sq. km seems to be an arduous task for the government. It is estimated that, with the much debated 6km land acquisition in the Gevra mine, CIL can extract coal that can cater to the need of Indian power demands for the next 10 years.

It will be interesting to see the developments in the NDA strategy to bring a spur in the Economy in F16. With the current statistics of CPI and WPI, though the reasons are the supply side fluctuations due to the fall in crude oil prices, a willing support has been laid by the governor of RBI by decreasing the rates. It is a very good opportunity for the government to cut down its expenses and meet the targets of fiscal deficit for F16. Increasing the earnings by disinvestment process and auctioning of coal mines and spectrum will further support it. But this approach was good for the year that has just gone by. For F16, eyes will be on the policies of the govt. which will decide whether F16 will see its target of fiscal deficit meeting through disinvestments and auctioning or the approach will be increasing the revenues by means of development of infrastructure and policies in favor of the businesses. The response of the FIIs and the entrepreneurs will decide whether F16 will truly be an year of revolutionary GDP growth of over 8% as anticipated by many or will be a flop show again. Bringing foreign investments, promoting industrial production are the aspired vision of the Indian government and only the time will tell if F16 will see economic growth of the nation.

Ashish

 

The moment i came out of the Mumbai Airport, I accidently discovered the exact spot of the "Jansankhya Visfot". Huge crowd which was about to make so far fucked up journey of mine more strenuous. I had no other option than to make my way through the people who were already struggling to make their own. The expression over their faces were discrete, some fine faces, some fake faces and the rest,fuck faces.
 Despite all this, i found my cab in which i was supposed to get to Kandivli, a place which was earlier supposed to be on the outskirts of the financial capital, but somehow has managed to land itself into the middle of it because of Mumbai's seemingly never ending expasion. I was glad to see the cab as i thought it would finally bring end to my 8 hours long spine breaking journey. But, the moment driver saw the ticket which i handed over to him, he started making efforts to get someone else on the job and i was just standing dumbstruck wondering the reason of it.
It was 2 hours later that i understood while travelling along with him as why he was trying to do so.
For those who didn't understand, Kandivali is just 30 mins from the airport.
It was 9 in the evening,the time when everyone is moving from their offices to home and is moving outside the city. The same happens during the morning,but in the reverse direction. On an average,people are spending 3 days in a month on the road. The moment I told this to the cab driver, he gave me expressions as if someone had been raping him for ages, but the moment of realization came when i figured it out for him.
It was 10:00 in the night when I reached Kandivali where my college friend Sehra lived. Sehra and I passed out of the same college and both of us got selected into the same company from the campus and are the only ones left now out of the 8 people who joined along with us.
We went out for the dinner when he enquired me of the purpose of being in Bombay.The moment I told him that I have won a CEO award and a chance to have a dinner with him he asked the same question which i asked myself when I got this news from my boss...HOW ????

To be continued.......