UPA Myths challenged

UPA Myths challenged

26. "There has been 'zero loss' to the exchequer, as most of the coal is yet to be mined." - FALSE
It is surprising that this government thinks it can get away with fooling the people with
such a blatant lie, when the experience of the 2G spectrum scam should have taught them
better. The 'zero loss' theory made no sense in 2010, and it makes no sense now. Finance
Minister P Chidambaram made the ludicrous claim that since mining had not commenced in
most coal blocks allocated and the coal is still lying under "Mother Earth", these has been "no
loss to the Exchequer".
The fact, however, is that the government has lost control of the coal blocks once these
were given away for free. Regardless of whether the coal is mined, the government has
already lost it. Not only are the private companies set to make a windfall gain once the coal is
mined, they also benefit from increased valuation of the company when they hold on to the
mines without producing any coal.