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Telecom companies can get a big gift from the government today, possible announcement in cabinet meeting

Telecom companies can get a big gift from the government today, possible announcement in cabinet meeting

Cabinet Meeting For Telecom Sector: A relief package can be announced for the telecom sector in an important cabinet meeting chaired by Prime Minister Narendra Modi today.

. Telecom sector can be given the facility of one year moratorium i.e. moratorium in installment payment for spectrum.

The telecom sector is going through a crisis right now and it is believed that the government can take some steps to lift this sector from the crisis. In fact, an important meeting of the cabinet is going to be held on Wednesday i.e. today, which is going to be chaired by Prime Minister Narendra Modi. It is also being told that in this meeting, a relief package can be announced to give relief to the telecom sector and important decisions can also be taken regarding spectrum payment.

Let us tell you that if the government puts a moratorium on the time of spectrum payment, then it can benefit the telecom companies a lot. Along with this, those companies will get more benefit or will get relief for a few days, which have to pay the past dues. Actually, there are many companies which have thousands of crores of rupees left and companies have to pay for it.

What can the government make big announcements?

According to many reports, the relief package to be released by the government may also include softening of tax payments. Telecom sector can be given the facility of one year moratorium i.e. moratorium in installment payment for spectrum. Also, the telecom companies which had to pay spectrum fees till April 2022, the central government has continuously negotiated with the telecom companies for this. Now it is believed that a decision can be taken on them soon.

Apart from this, a decision can also be taken on reducing spectrum exemption and bank guarantee. Also, there is a possibility of concession in AGR case as well. Now it is to be seen how the government can help the companies in the telecom sector.

More than 50 thousand crore outstanding

Vodafone Idea Company came into existence by the merger of Vodafone India, the Indian arm of UK telecom company Vodafone India and Birla’s telecom company Idea Cellular Ltd. The company owes the government Rs 50,400 crore of various statutory dues. At the same time, Vodafone Idea is going through a bad phase at the moment.

According to the data till 31 March 2021, the company has a debt of more than 1 lakh 80 thousand crores. In this, about Rs 96270 crores are of spectrum charges. Banks dues are close to 23 thousand crores and AGR dues are 58254 crores. The company has so far paid only 7854 crores in AGR dues. Still the company has to deposit more than 50 thousand crores.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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