The larger issue, of course, remains that of government policy gone awfully wrong. Weve dealt with the policy of the government getting too greedy and almost doubling the annual outgo from telcos (http://goo.gl/rq2rd) by charging a high upfront auction fee along with 12-13% annual outgos on account of license fees and annual spectrum fees. More than that is the issue of government blowing hot and cold for no apparent reason. Qualcomm, to cite one example, found its BWA license being cut short by 18 months till the TDSAT restored this. Telcos who bid R67,000 crore in the 3G auctions on the written understanding that they could do intra-circle roaming suddenly find themselves being asked to terminate such services. In the case of refarming, which could set back the industry by over R1 lakh crore, even Planning Commission deputy chairman has said there needs to be a fuller consultation with industrywhile Montek Singh Ahluwalia is not against refarming, he just wants a complete thrashing out of issuesbefore the matter is decided upon. The high base price also kept bidders away. From R67,000 crore in 2010 to a budgeted R35,000 crore in the current auctions, to a potential maximum of R21,000 crore on the basis of the bid money submitted by telcos, the final bids of under R9,225 crore are a huge fall. Why a potential Diwali bomb turned out to be a dud is something to ponder on this Diwali day.