New Delhi Industry body Ficci has told the Supreme Court that the auction method (i.e. a market-based system) adopted in allocation of natural resources can “indeed be successful in effectively distributing natural resources” if conducted openly and fairly.

Ficci, in its reply to the Presidential Reference in the 2G spectrum case, said the most countries favour the auction process in allocation of scarce natural resources - mines and minerals, coal, petroleum, natural gas, land, spectrum, water, forest and forest produce - and even in India a preference over the years seems to be emerging in favour of the auction process .