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The fact that the latest auction of spectrum for the telecom industry saw only 40% of the spectrum on offer being sold is obviously a big disappointment for the government. In particular, the complete absence of any bids in the 700 MHz and 900 MHz bands must have come as a rude shock. The government has only itself to blame for this (1) .
Several reasons are being trotted out for why the auction saw such a tepid response, but one crucial factor is the government’s refusal to acknowledge that high reserve prices are (2) . A reserve price ought to be no more than a starting point for an auction. If it is to truly serve that purpose, it must be sufficiently low to attract the largest possible number of (3) .
Where the final auction price then settles is best left to market forces to determine. A low reserve price does not imply that the final winning bid will be low too, but an (4) high reserve price necessarily means there were will be few if any takers. We would have expected the government to have learnt a lesson from its experience in 2013, when spectrum went unsold because of high reserve prices, but (5) it hasn’t.
The government now says it will review the reserve price for the bands that saw little or no interest. The (6) is welcome, but consider what would have happened if say just one telco had bid for spectrum in the 700 MHz band in this round. The ‘winner’ would have been (7) with expensive spectrum while others who stayed away would have the benefit of bidding at the next auction at lower reserve prices. Would that not skew the playing field, and would the government have (8) the original lone winner?
It is difficult to believe that such simple logic is lost on the government. We can only conclude therefore that there are other reasons why reserve prices are (9) high. One of these is the assumption that the purpose of such auctions is to maximise revenues for the government. Another is the fear that low reserve prices would be perceived as a favour to industry, and would attract (10) of corruption and perhaps even the attention of the CAG. Both expose a flaw in understanding.
- 1) wonder
2) fiasco
3) advantage
4) boon
5) miracleAnswer – 2)
Explanation : fiasco - 1) clinced
2) unbiased
3) counterproductive
4) approving
5) fairAnswer – 3)
Explanation : counterproductive - 1) bidders
2) adversary
3) agent
4) archenemy
5) antagonistAnswer – 1)
Explanation : bidders - 1) generally
2) specially
3) functionally
4) inordinately
5) ordinaryAnswer – 4)
Explanation : inordinately - 1) imprecise
2) indistinct
3) undefined
4) obscure
5) clearlyAnswer – 5)
Explanation : clearly - 1) precaution
2) reconsideration
3) forethought
4) anticipation
5) canninessAnswer – 2)
Explanation : reconsideration - 1) saddled
2) unsaddled
3) bareback
4) barebacked
5) unburdenedAnswer – 1)
Explanation : saddled - 1) compensated
2) asymmetry, , inequality, ,
3) disproportion
4) lopsidedness
5) shortcomingAnswer – 1)
Explanation : compensated - 1) contralto
2) gentle
3) hushed
4) pitched
5) low-pitchedAnswer – 4)
Explanation : pitched - 1) inclined
2) deduct
3) allegations
4) exculpation
5) praiseAnswer – 3)
Explanation : allegations
