BBC News: “There was outrage in India’s parliament after a draft report by government auditors estimated India lost $210bn by selling coalfields too cheaply. Opposition politicians accused the government of “looting the country” by selling coalfields to
companies without competitive bidding. Private and state companies benefited from the allocations between 2004 and 2010, says a Times of India report. …
… the Times of India, quoting the CAG draft, says the $210bn (£133bn) figure is a “conservative estimate, since it takes into account prices for the lowest grade of coal and not the median grade”.
India is one of the largest producers of coal in the world.
This is just the latest in a series of financial scandals to hit the Congress-led government and the revelations caused such anger among opposition politicians that both houses of parliament had to be temporarily adjourned.”
via BBC News – Outrage over report that India lost $210bn in coal scam.
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