Governance in India has been economics illiterate; here's how to fix it

The Supreme Court has refused to entertain the review petition of two telecom companies who between them were asked to pay over Rs 1 lakh crore to the Department of Telecommunications (DoT) which had billed them for spectrum usage. The government owns the spectrum and the DoT is agency of the government. The bill was sent almost two decades ago. The dues now include penalties and interest. The companies don’t seem to have provided for the contingency. They were betting on a positive outcome in their litigation against the government. Now they fear that they will go bankrupt i.....

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