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23 February 2011
Cricket World Cup fever is sweeping through the Indian subcontinent, but the spotlight is on the hostile match being played out between the Congress led government and the opposition. The cool and clean captain of government, Dr. Manmohan Singh, ducked to the battery of bouncers from the opposition. He ultimately got himself injured and went back to the pavilion only to declare that a Joint Parliamentary Committee (JPC) probe will investigate one of biggest scandals in the history of the Indian telecom industry.
The government of India would have been able to wipe it all away, if radio tapes of explosive conversations hadn’t been leaked to the public. These tapes reveal that 2G mobile telephony licenses were assigned to corporations at ridiculously low rates, causing a loss of Rs. 176,379 crore (nearly USD 38.27 billion) to the Indian exchequer. This scandal involves top bureaucrats of the government of India, renowned corporate houses, and even famous media personalities.
The Indian Politician, Subramanian Swamy, filed a petition in the Supreme Court of India to prosecute former Telecom Minister A Raja for his alleged role in this 2G spectrum scam. Swamy was only after Raja, but the Supreme Court took a look at the Comptroller and Auditor General of India (CAG) report about the allotment of 2G spectrum licenses, and they’ve involved the Central Bureau of Investigation (CBI) and lawmakers to go after other people involved as well.
The scandal has proved costly for the government, stalling parliament sessions and leaving the opposition party outraged and on a war path, even involving the Central Bureau of Investigation. In conjunction with the other two famous scams of 2010—Adash Society and Kalmadi’s Common Wealth Games—there is now strong public outrage and a slump in investor confidence. Not only it has it spoiled the image of the Indian Prime Minister, it has contributed to the poor performance of the country’s major stock market.
When the opposition threatened to wreck the upcoming budget session, the Prime Minister bowed to the pressure and gave the green light to the JPC probe. Singh addressed the parliament: "The Winter Session was lost and the country cannot afford to lose another session. Our Government is committed to root out corruption." Leaders of the opposition welcomed the move and the deadlock in the parliament looks like it has ended.
India’s is one of the fastest growing telecom industry’s in the world, but investors get spooked by corruption. This 2G sham has had a negative effect not only on the government, but the telecom industry—and the full scope of the scandal isn’t even known yet.
The Indian Politician, Subramanian Swamy, filed a petition in the Supreme Court of India to prosecute former Telecom Minister A Raja for his alleged role in this 2G spectrum scam. Swamy was only after Raja, but the Supreme Court took a look at the Comptroller and Auditor General of India (CAG) report about the allotment of 2G spectrum licenses, and they’ve involved the Central Bureau of Investigation (CBI) and lawmakers to go after other people involved as well.
The scandal has proved costly for the government, stalling parliament sessions and leaving the opposition party outraged and on a war path, even involving the Central Bureau of Investigation. In conjunction with the other two famous scams of 2010—Adash Society and Kalmadi’s Common Wealth Games—there is now strong public outrage and a slump in investor confidence. Not only it has it spoiled the image of the Indian Prime Minister, it has contributed to the poor performance of the country’s major stock market.
When the opposition threatened to wreck the upcoming budget session, the Prime Minister bowed to the pressure and gave the green light to the JPC probe. Singh addressed the parliament: "The Winter Session was lost and the country cannot afford to lose another session. Our Government is committed to root out corruption." Leaders of the opposition welcomed the move and the deadlock in the parliament looks like it has ended.
India’s is one of the fastest growing telecom industry’s in the world, but investors get spooked by corruption. This 2G sham has had a negative effect not only on the government, but the telecom industry—and the full scope of the scandal isn’t even known yet.
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