You must have heard about the telecom spectrum and coal block auctions which are underway in the country. Business page, any paper, every day, big numbers featuring big companies? Here is all you should know about this. And considering the crores of rupees changing hands over the next few days, you definitely NEED to know.

How is the current auction going?

Considering initial reports of respective auctions, it seems to be going really, really well. According to the Coal Secretary, the coal block auction is set to cross a seriously cool Rs. 2,00,000 crore.

Similarly, the telecom spectrum bands auction is being estimated at around Rs. 86,000 crore already.

These prices exceeded expectations with the government-mandated base prices for the auction having been crossed many times over. And the transparency in the process definitely merits a refreshing sigh.

A hat tip here to ex-CAG Vinod Rai, who brought out the above listed scams and suggested auctions as a better alternative. Not only that, considering the numbers, the CAG report stands vindicated.

How do you profit?

These big numbers have a singular upside and that is you, as a citizen of India, stand to benefit.

All proceeds of the auction will be credited to the exchequer i.e. the government. And that means more money for employment and skill development programmes, social initiatives and infrastructure development and various other schemes such as Swachh Bharat and Make In India can be successfully implemented. Modi's acche din may finally be a possibility.

More specifically, coal blocks are located in predominantly rural and backward areas. The proceeds from the auction can be effectively utilised in the development of these regions.