In 2008, the government had garnered Rs 12,386 crores. According to TRAI, the estimated price of the spectrum was between Rs 5,500 crores and Rs 9,500 crores.
TRAI had set up an expert committee to determine the possible price of spectrum, year-wise from 2001 to 2008. On August 19, exactly after seven months, TRAI gave its response to the CBI.
"The estimates of the spectrum are in broad range, the adaptive model providing a lower estimate and the production function an upper estimate. For the terminal year, the range of estimates of the value is between around Rs 5,500 crores to Rs 9,500 crores, and the range narrows for earlier periods," said the regulator.
"Given the scant data that is available to us, it is also not possible to estimate the standard of errors or the confidence of intervals for our estimates," TRAI clarified.
"It is therefore not possible to predict with certainty the precise values of spectrum that would have emerged in an auction. The risk of error in estimates increased since the exercise is carried out retrospectively and with meager data," it said.
"We are confident of the analytical foundation of the methods and their appropriateness to the task. However, we cannot rule out the possibility armed with richer data, we could improve the reliability of our estimates. Our results may be interpreted in this spirit," it added.