Telecom companies will get relief in AGR paymentOn September 15, 2021 by admin
The Union Cabinet on Wednesday approved a telecom relief package with relaxation in Adjusted Gross Revenue (AGR) payments.
According to people in the know, the cabinet has approved a moratorium of four years for AGR dues.
The move will be most beneficial for stressed Vodafone Idea. Vodafone Idea shares rose over 2 per cent on hopes of a relief package, while Bharti Airtel gained over 5 per cent.
The government is in talks with several stakeholders, including banks, for a package for the sector amid concerns of a possible monopoly in the Indian telecom sector due to the closure of Vodafone Idea.
Earlier in the month, former Vodafone Idea chairman Kumar Mangalam Birla met Union Communications Minister Ashwini Vaishnav.
During the meeting held on September 1, Birla and Vaishnav discussed the health of the sector and the urgent need for government intervention.
On 4 August, Vodafone Idea’s board accepted Birla’s request to step down as non-executive director and non-executive chairman of the board.
Days before Birla’s resignation as chairman, it had become public that he had written to the government that he was ready to hand over his stake in the debt-ridden company to government entities to keep the company going.
The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved several structural and process reforms in the telecom sector. These reforms are expected to protect and create employment opportunities, promote healthy competition, protect the interests of consumers, increase liquidity, encourage investment and reduce regulatory burden on Telecom Service Providers (TSPs). expected.
These remedial measures in the backdrop of excellent performance of telecom sector in meeting the challenges of COVID-19, massive increase in data consumption, online education, work from home, interaction through social media, virtual meetings etc. Broadband and telecom connectivity will further encourage the spread and penetration of
The cabinet decision reinforces the Prime Minister’s vision of a strong telecom sector with access to competitiveness and consumer choice, Antyodaya for inclusive growth, mainstreaming marginalized areas and universal broadband to connect the unconnected.
The package is also expected to encourage 4G proliferation, liquidity infusion and creation of a conducive environment for investment in 5G networks.
Disclaimer: This is a news published directly from IANS News Feed. With this, the News Nation team has not done any editing of any kind. In such a situation, any responsibility regarding the related news will be of the news agency itself.
- America: 43 Western Countries In The United Nations Reprimanded China Against Atrocities On Uighur Muslims
- Bigg Boss 15: Jai Bhanushali came under the target of family members, told everyone fake
- Bangladesh Security Agencies Also Arrested The Second Prime Suspect Who Incited The Anti Hindu Violence
- Cm Yogi Will Come On Two-day Tour In Gorakhpur Today – Cm Yogi Visit
- Akhara Parishad Meeting Tomorrow All Weight On The Akhara Of Udasin The Mahant Hari Giri Reached Prayagraj
- Supreme Court Latest Verdict-Tenant Is Not A Landlord, Only A Tenant-Tenant is not a landlord, only a tenant: Supreme Court on
- china japan war: Japan says suspected Chinese submarine seen near territorial waters on
- Circle Officer Hiralal Saini And Woman Constable Suspended For Moral Misconduct In Rajasthan on