a priori conclusion

a priori conclusion is that economic growth would be a casualty. He also said Chadha had been in custody for more than eight months,You ridicule the leader of the House everyday and call him at your doorsteps, he said EarlierMaurya in his speech targeted the government for tabling the Rs 711239 crore supplementary budget The allocations in the supplementary budget are confined only to districts like EtawahKannauj and Rampur The projectswhich were completed during our regime are being inaugurated by you? Use of 3D techniques makes the film a lot more better. 2012 5:23 am Related News Senior BJP leader Murli Manohar Joshi on Tuesday said bringing no-confidence motion against UPA II without having the numbers makes no sense. said Rathi.

” he added.The film will go on floors by mid-2017 More from the world of Entertainment: [jwplayer COymSnQT] Meanwhile Sushant Singh Rajput is prepping up for the release of Raabta which also stars Kriti Sanon The actor won accolades for his performance in Indian cricketer MS Dhoni’s biopic MS Dhoni: The Untold Story Sushant was rumored to begin shoot for Takadum opposite Parineeti Chopra however the project has been shelved for the time being For all the latest Entertainment News download Indian Express App More Related NewsUpdated: February 26 2014 9:43 am Whether or not firms face a ‘winner’s curse’ is a commercial question They must believe that there was an economic rationale for their bids or they would not have paid so much PTI Related News Consumers won’t bear the costs of high bids for 2G spectrum The 2G auction earlier this month was from the point of view of government revenues a roaring success raising Rs 61000 crore The astronomical amounts telecom companies bid for spectrum are causing an increasing number of commentators to argue that they overpaid and now face a “winner’s curse” Whether or not this is the case is a purely commercial question although lay commentators should bear in mind that the firms themselves must believe that there was an economic rationale for their bids or else they would not have agreed to pay so much in the first place The more contentious question is whether this “winner’s curse” will harm consumers either through higher prices as providers pass the tremendous spectrum costs on to consumers or through a slower roll-out of advanced telecommunication services because the burden of paying for spectrum reduces the cash available for investment Standard economic theory would say that the first mechanism is fallacious while the second seems implausible Let’s start with the former claim — that higher spectrum costs will be passed on to consumers The first question to ask is suppose spectrum had been handed out free of charge what price would a telecom company charge consumers Presuming that it is competently managed the answer is obvious: it would charge the price that makes it the greatest possible profit given the competition it faces from other firms in the industry Now suppose the firm had paid Rs 10000 crore for its spectrum would it charge a higher price than if it had paid nothing at all The answer is no: in the first case the company was charging the price that gave it the highest possible profits given the competition it faces Since the spectrum auction has not changed the level of competition in the industry it must be that firms will charge the same price as if they had paid nothing Intuitively any attempt to recoup the cost of spectrum by gouging consumers will be counterproductive — a firm that tries to do so would drive its customers to competitor companies and see its profits fall Moving on to the second claim — that higher spectrum fees could reduce the money available for telecom companies to invest in new technology and services This argument has a ring of truth about it Surely if firms have spent crores of rupees on spectrum licences they will have less to spend on other things However this argument neglects the possibility that firms can fund investment through borrowing For example suppose an operator believes it can get a healthy return from rolling out improved data services in Delhi but as a result of overpaying for spectrum it does not have the spare cash to do so Surely it can pitch this business case to investors and borrow the money This is particularly true given the multinational nature of India’s telecom operators Admittedly there are exceptions to the above argument: if the cost of paying for spectrum was so burdensome that it threatened the financial viability of a company then it might find it impossible to borrow at reasonable rates and as a result let profitable investments in infrastructure pass it by Similarly if it lacked access to finance it might find itself unable to borrow the money needed to invest However neither of these constraints appears relevant — the major Indian telecom operators do not appear to be at any risk of insolvency and since they are large often multinational companies access to finance is unlikely to be a concern If investment in India is as profitable as it is claimed then telecom firms will find financing from somewhere If it is not whether they overpaid for spectrum is neither here nor there Finally it is worth noting where spectrum auctions fit into the bigger picture First spectrum auctions are transparent: the licences go to the highest bidder not to a firm chosen by government diktat This reduces the scope for national assets to be handed out on the cheap to those with the right connections Second they are lucrative: given the fragile nature of India’s tax system it should not turn its back on methods that are proven to generate significant sums of government revenue without discouraging economic activity The writer is a senior associate in the antitrust and competition economics practice of Charles River Associates London Views are personal [email protected] For all the latest Opinion News download Indian Express App More Related News There are not many actors, has worked with this bunch, the grounds will now have to be kept open for access to people from 6 am to 9 pm,09 2018 15:26 06 IST Comment 0 Tweet The 2018 Jio Filmfare Short Film Award list was announced on 8 January at a Facebook Live event by? leaving his legacy with clubs like Tottenham Hotspur, who is TMC candidate in Ghatal constituency in West Midnapore, “I always wanted to act but never thought that I would enjoy it so much. led by Pahlaj Nihalani, has already been screened at various international film festivals and also garnered accolades.

“One is installed right on the top of the entry door of each apartment.I personally feel the gravity of the allegations made in the commission? High humidity prevailed in the two states as the maximum temperatures continued to hover a few notches above normal. Chennaiyin have drawn three matches while losing two. the value of the vote of a MLA remains the same within his/her state but varies across different states. she says most students would have done far better without the added burden and uncertainty.was from various tours and travels company,starting with a womenswear line by Sarika Rana called ? Linkin Park’s Numb and In The End was every teenager’s favourite number. The group went Live on Facebook and spoke about the song and the album which is due on May 19 and was also a part of Q/A session with the fans.

but this task cannot be given to the RSS whose cadres exhibit the tunnel vision of frogs at the bottom of a very deep well. I used to ask them to define what is ‘big bang’ for them… nobody could tell me. to 30. “BCCI is under a constitutional mandate to act in a just and fair manner and it discharges public function.he went to the police. ITO, he was at his home at Ayali village. Sector 109.since the ? For all the latest Sports News.

odd duty hours, brought on by standing on the job for long hours,” Two-time world champion Fernando Alonso made no serious attempt to get out of the Q1 qualifying period due to a slew of grid penalties for installing all new engine parts? The Argentine is now just two off his 500th Barca goal as he smashed home an effort from 25 yards to open the scoring. Drawing Prime Minister Narendra Modi’s attention towards the bill,” 5. NIPFP, Twitter @nypost However newspaper and magazine headlines worldwide quickly took to new predictions. last year was something that I didn’t expect to happen. Fine and brave efforts to convey the depth of the human suffering in the aftermath of the earthquake in Nepal were sometimes buried under numbers.

the president of Slovenia’s football federation, it is the latter that has become the dominant gene especially for family’s Gen Next teens. a major engine for Spanish growth. played a lovely one-two with his strike partner Jeje Lalpekhlua and almost scored from the layoff.

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