Squandering a bonus?

The ongoing 3G spectrum auction has already (as on Apr 24) raised a minimum of almost Rs 32000 for the government. The auction for wireless broadband services will commence after the end of the 3G auction. The total revenue now likely to be raised by the two auctions should touch Rs 50000 cr. That's 15000 cr more than the Rs 35000 cr that had been pencilled in while preparing the FY11 budget. A cool Rs 15000 cr of bonus revenue! And yet, I am sure that "better" uses will be found for the cash than reducing the central government's deficit of about Rs 380000 cr :(

An observation about the auction. The country has been divided into 22 geographical circles for bidding purposes. At this point in the auction, Bombay and Delhi (approx population: 2 cr each) are being bid for at Rs 1080 cr each. Bihar, with over 13 cr people, is currently attracting a bid of Rs 34 cr. Is Delhi's 3G market really worth almost 250 times per capita more than Bihar?

Will probably post once more when the twin auctions are completed.