No.PR-97
November 21, 2019
New Delhi
PHD Chamber applauds Prime Minister Modi led cabinet for Rs 42,000 crores relief to the telecom sector
Dr D K Aggarwal, President, PHD Chamber of Commerce and Industry, has congratulated the Hon’ble Prime Minister Shri Narendra Modi Ji, Hon’ble Finance Minister Smt. Nirmala Sitharaman Ji, Hon’ble Telecom Minister Shri Ravi Shankar Prasad Ji and MoS Department of Telecommunication Shri Sanjay Dhotre Ji, for yet another bold move to provide a 2-year moratorium on spectrum-related dues which will act as a fresh breather for the Indian telecom sector and boost the economic growth.
This is a great breakthrough in the economic reform system and will have a positive impact on the growth and development of telecom sector and the economy as a whole, said Dr D K Aggarwal.
The two-year payment holiday will give a Rs 42,000-crore relief to Bharti Airtel, Vodafone Idea and Reliance Jio. Deferment of spectrum auction instalments will provide a pronounced relief to stressed telecom service providers leading to their continuous operations, ease their cash outflow and give them window to make payments for statutory liabilities and interest on bank loans, said Dr D K Aggarwal.
As the telecom sector is one of the major growth driver of the economy, this move is welcomed as it will generate employment opportunities for the potential workforce, drive consumer demand sentiments in the economy, provide further impetus and pave way to achieve a US $ 5 trillion economy, going forward, said Dr D K Aggarwal.
Ends.
Media Division
PHDCCI