Precisely, as far as revenue is concerned one should not have very high expectations from the 2G auction. So far the government has been able to make approximately Rs 9,224 crore. Even on day two, it is not expecting a significant increase in revenue. This is the first time the government is not going to be increase its revenue shares significantly from this auction.
Also read: Uncertainty impacting foreign investments says Harish Salve
Out of the 22 circles four circles have seen no bidders at all. These includes Delhi, Mumbai, Rajasthan, and Karnataka. Delhi, Mumbai and Rajasthan amount for approximately half of the reserve price, which the government had set.
Of the 16 circles they closed at their reserve price and there are only two circles of UP (East) and UP (West) where one has seen excess demand and probably those are the circles where auction is continuing.
Interestingly the figure, which the government has been able to attain so far, is almost one-tenth of what the CAG had pegged, the revenue implications for 2G auctions to be.
Of course, the market conditions have changed now and one can argue that in 2008 and now in 2012, things are very different. However, the fact is that the government is nowhere near the Rs 1,76,000 crore figure, which the CAG had pegged.
On day two, most likely the auction will continue in UP (West) and UP (East), but you never know, this is a simultaneous auction so some other blocks and some other circles may also open up on day two.
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