The Government today said, the response to the 2G Auction may not be seen as a flop or success as the auction process reflected the market discovered price of spectrum under present circumstances. Speaking to reporters after the Group of Ministers meeting on Media in New Delhi, Telecom Minister Kapil Sibal said, the auction shows that the assumption of 1.76 lakh crore rupees loss to the exchequer alleged in the 2G Scam is a pure myth.

Mr. Sibal pointed out that the dynamics of the markets change frequently and policy matters are best left to the government to decide. He also said, the government plans to put on auction the circles that went without bids by March next year, also the CDMA and conduct refarming of spectrum. Sibal said besides 9,407.64 crore rupees from the auction, the government will also get 7,936 crore rupees by way of one-time fee to be levied on existing telecom operators holding spectrum more than a prescribed limit.

The Finance Minister P Chidambaram said the government was not celebrating the flopping of the auction and will continue to move forward. He said, the Empowered Group of Ministers (EGoM) will meet soon to decide on the future course of action. He also said, there will be substantial net gain in the auction.