All You Need to Know About the ‘Coal-gate’

Contrary to popular belief, “Coal-gate” has nothing to do with people brushing their teeth with Colgate and having no positive effect on their coal dark teeth. That fact is so common that it would never really create buzz, unless used with an electric tooth-brush.
Well, we Indians have made it a habit of following western trends, one of them being to attach –Gate to any controversial issue (Porn-gate, Finger-gate, Toll-gate & now Coal-gate). What some of us do not realise is that it makes ‘India Gate’ a very suspicious entity. 
So what is it?
Our buddies at Wikipedia say: 
Coal Mining Scam or Coalgate is allegedly a corruption scandal in which the Comptroller and Auditor General of India (CAG) office accused the Government of India for providing the nation’s coal deposits to private and state-run entities in an irregular and arbitrary manner instead of publicly auctioning them off to the highest bidder, resulting in a loss of approximately 186,000 crore (US$33.67 billion) to the exchequer during the period 2004-2009”
Dafuq does that mean?
Well, in layman terms, coal was sold illegally by the Government i.e. the lawmakers (ah, the irony) to private companies and the procedure of public bidding was avoided. This caused companies to estimate the value of the involved companies higher than they were supposed to as their resources were also taken into account. Now this all has been exposed.
 
Why?
Two simple reasons:
  • Private companies needed coal.
  • Government officials won’t refuse money.
How does that affect you?
Apart from the insane media coverage hogging your daily quota of important ‘Ek Tha Tiger’ related news, this may affect you how you wonder?
Well, post these news breakouts, the market values of the shares of the involved companies have gone downtown, which means stock markets are not the most pleasant hang out spots this monsoon & shareholders are the wrong people to discuss the beauty and righteousness of life.
The Government on the other hand, shall now lose revenue whose burden, like always, will be borne by the common public. In short, we got screwed again, amigos! Never expected 1.86 lakh crores worth of coal to come around and bite you in the ass now, did you?
So what’s happening now?
“From the makers of 2G scam & CWG scam, Congress presents to you,
Coal-gate: There is no gate like coal!
Powered by BJP: Blame it on the Congress”
Like any opposing party would, the BJP people want to get rid of Prime Minister Manmohan Singh. So they’ve asked him to do something that almost every citizen of the country wants him to do (no not to talk) but to resign. MMS was once quoted saying, yes SAYING, that if the charges against him are proved, then he would resign. So, will the charges be proven? Will MMS’ controversial reign as PM live to see another Gate? That’s a tale that only time will tell! Then probably I will, in a language that everybody can easily understand, ‘Sarcasm’!
Till then
 REFERENCESINTERWEBZ, WIKIPEDIA, FIRSTPOST, THE TIMES OF INDIA.
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