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People here hail from different communities, This prompted us to take matters in our And there is enough in the leaked report to damn the CAG as a phenomenally economically illiterate institution But in a country like India that is not likely to be a disadvantage indeedas soon as the political opposition comes to powerBharat Ratnas are likely to be conferred on the writers of the report What are some of the economic facts pertaining to the coal looting of the country during 2004-2009 Several facts are documented in the table You can object to so many numbers the shriekers will say there was loot and drown you out In case you are a shriekerstop right here your time is better spent shouting without knowing Othersread about the illiteracy whose name is CAG All data are presented as averages for the six years 2004-2009 GDP averaged Rs 45 trillion a year The popular CAG coal scam figure is of a loot of Rs 107 trillion But this figure is in 2011 prices in average 2004-2009 pricesthe alleged loot is Rs 63 trillion or Rs 105 trillion a year This is not the revenue from production it is the excess profitor windfallthat has possibly accrued to the power industrialists (all puns intended) In 2004-2009all-India corporate taxes averaged Rs 12 trillion a year So the hypothetical coal loot was almost equal to all corporate taxes gathered in India Plausiblebut not likely But this is for the economy as a whole the CAG loot windfall calculation is with respect to only one sector of the economy Coal production a year averaged 472 million tonnescoal prices Rs 720 a metric tonnefor average coal revenue of Rs 034 trillion a year All coal revenuethereforeis a third of the CAG excess profit calculation (Rs 034 trillion versus Rs 105 trillion) Furthermorethe coal sector production value averaged less than 08 per cent of GDP and less than 7 per cent of corporate production But the windfall loot revenue is near equal to all corporate taxes So it seems that all of Indias deficit problems can be solved by just taxing the coal sector no corruption and even less deficit Maybe the CAG bosses should become governors of RBIfailing which surely minister of finance Before deciding on these appointmentslet us proceed a little bit further World coal production averaged 64 billion tonnes during 2004-2009 International coal prices averaged $74/tonneyielding a global per year revenue of Rs 211 trillion But at Indian administered pricesglobal coal revenue was only Rs 46 trillion Assuming a hefty profit margin of 30 per centthis yields average profit per year equal to Rs 14 trillion So the CAG is suggesting that global coal productionwhich is 14 times the level of Indian productionyields the same windfall as the profit from licences given to Indian corporations (again public and private) One final point The states that have the most coal in India are JharkhandOrissaChhattisgarhWest BengalAndhra PradeshMadhya Pradesh and Maharashtra Andhra Pradesh and Maharashtratwo Congress-ruled statestogether account for only about 10 per cent of the geological reserves The administration of non-auction licences involves the assent and cooperation of the respective state governments So opposition politiciansbe careful before you join in the chorus on looting and the rest of the EIL nonsense Most of the fictitious lootif not all of itis in your corruption coffers The writer is chairman of Oxus Investmentsan emerging market advisory firm For all the latest Opinion News download Indian Express App More Related News But the number was offered in economically illiterate India, built with Indian support. Kandahar is likely to be the first target of the group’s campaign to regain control over Afghanistan after the US-led international forces end their combat role there by the end of this year.

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