In Perspective: 1.76 lakh crore INR or 39.27 billion USD
Most of us know that this figure is the CAG (Comptroller and Auditor General) loss estimate in 2G spectrum scam, one of the biggest scams in India, or at least that's what I would want to say. This post is to actually convert some of the numbers (:D) that have come out in reports and put them in perspective to, well, whatever.
Total loss estimate: Rs. 1.76 lakh crore = Rs.1,760,000,000,000 = Rs. 1.76 trillion = $ 39.21 billion! Using this amount as the GDP of a country(List of countries sorted by GDP on Wikipedia), that country in the world would be
- 79th (2010, IMF)
- 77th (2009, World Bank)
- 80th (2010, CIA World Factbook)
This is a country richer than Uruguay, Bahrain and Jordan. Basically, a decently rich country! Also, this amount would've put India 10th in each of this lists (India is currently at the 11th).
Moreover, this was back in 2007. So, if we calculate the NPV of this amount with an IRR of.... Nah, I don't think I'm getting paid enough to do that kind of Math!
Lets step aside from the big picture and look at the (relatively) smaller picture, the earnings (can I call it that?) of Mr. A. Raja, the former telecom minister who enabled all of this mess.
Raja (which is Hindi for King, just literally though) is believed to have made about Rs. 3000 crore. Lets do the same Math for him, shall we?
Raja's estimated earnings = Rs. 3000 crore = Rs. 30,000,000,000 = Rs. 30 billion = $668.31 million.
What does somebody do with so much illegal money? Philanthropy?
Interesting reads on the 2G scam:
- Timeline of the scam (this blog also has numerous other posts, but the sources....well, lets just say the writer doesn't like citations a lot)
- Where Raja stored his money
- Wikipedia article on 2G spectrum scam (with more links :D)
