India, Sept. 18 -- For nearly two decades, Indian policy-makers, judiciary, media, Civil Society and experts have loudly claimed that auctions are the best way to lease natural resources, which are public property and can be used in public interest. The policy-makers, despite several caveats voiced by the judiciary, forced them across sectors, be it telecom, mining, and oil and gas exploration. Among different forms of auctions, such as English, Dutch, Swiss Challenge and Vickrey, or the ascending, descending and reverse bids, reverse-bids and Swiss Challenge emerged as the best, most transparent, and most lucrative in terms of Government revenues. Over the years, Governments gloated about suctions' successes.

During the same period, bus...