CAG report on 2G spectrum losses misleading: Sibal

Telecom minister Kapil Sibal has taken exception to the report of the Comptroller and Auditor General (CAG) of India, saying its report claiming Rs1,76,000 crore losses to the government on 2G spectrum sale was misleading and totally erroneous.

CAG had arrived at the loss figure of Rs1,76,000 crore, based on a guesstimated value of 2G spectrum had the telecom department adopted the auction route for allocation of licences.

"We are respectful towards institutions. If you look at Congress party and its history, we never attack institutions. We respect CAG but we are pained at some of the figures and methodology adopted by CAG, which has no basis. We believe that exercise by CAG was fraught with errors. We object to that," Sibal told a press conference in New Delhi today.

Sibal blamed CAG for projecting inflated figures for sensationalising the issue.

"The CAG figures are sensational. These figures are on alleged losses and have no basis," he said, adding, the possible loss could be "just Rs17,755 crore."

But, he said, while the government might have lost revenue, the consumer - the common man - has gained.