Cabinet Meeting: Telecom Companies get Relief in AGR Case

Some telecom companies in the country are facing a financial crisis at this time. Bharti Airtel and Vodafone-Idea.
Image Credit: Youtube
Image Credit: Youtube

Today i.e. on Wednesday, in the meeting of the Union Cabinet, the government took many important decisions. According to sources, the automobile sector and the telecom sector got relief in this meeting held at the Prime Minister's residence. The telecom sector going through the crisis was waiting for a relief package for a long time.

Relief for the telecom sector

Union Minister Anurag Thakur said that giving a big relief to the telecom sector, the government has approved the package. The central government was working on a long-term relief package for the telecom industry. ome telecom companies in the country are facing a financial crisis at this time. Bharti Airtel and Vodafone-Idea, one of the major telecom companies in the country, have huge AGR dues. Earlier, the telecom sector was also expected to get relief from the last meeting held on September 8, 2021. But then it was not decided on. After this news, there has been a sharp jump in telecom stocks.

Image Credit: Chronicles Today Network
Image Credit: Chronicles Today Network

The auto and drone sector also got relief

Apart from this, the auto and drone sectors have also got relief. Production Linked Incentive (PLI) scheme for auto component manufacturing companies has been approved. Union Minister Anurag Thakur said that there is a budget provision of Rs 26,058 crore in the PLI scheme. Rs 25,938 crore has been approved for the auto sector and Rs 120 crore for the drone industry. The plan covers 20 products, which include both electrical and conventional vehicle components.

As per the PLI scheme, the Center will give incentives on excess production and companies will be allowed to export products made in India. Its objective is to encourage investors to create a competitive environment. According to Thakur, this will give a boost to the advanced automobile sector and will provide employment to seven lakh seven thousand people. OYO companies will have to invest Rs 2000 crore in the next five years to take advantage of the scheme.

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