India must move to a regime of pooled

The government's decision to cut the reserve price for 2G spectrum auctions by 30% is neither here nor there. The earlier base price, of Rs 14,000 crore for a 5 MHz chunk, was deemed so high by operators that there were no bids in four circles: Delhi, Mumbai, Karnataka and Rajasthan. Cutting it now to Rs 11,900 crore is unlikely to make much difference.

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