Nirmala on T​elecom Companies’ Plea said, “Don’t want any Company to face Loss”

Finance Minister Nirmala Sitharaman said that the government wishes to address the concerns of the telecom companies. We do not want any company to sink.
Nirmala on T​elecom Companies’ Plea said, “Don’t want any Company to face Loss”

In the past, Nick Reed, CEO of UK telecom company Vodafone, gave indications of a loss of business from India due to heavy losses. Along with this, he requested help from the Government of India. Now the statement of Finance Minister Nirmala Sitharaman has come. He said that the government does not want any company to shut down its business. Nirmala Sitharaman said, 'We do not want any company to close its business. We want any company, it should grow.

He said, 'Not only the telecom sector, but all companies should be able to do business in every field. Serve customers in your market and stay in business. The Finance Ministry is always conversant with this perception and we have the same vision for the telecom industry.

Willingness to address the concerns of the Telecom Sector
Along with this, Nirmala Sitharaman said that the government wishes to address the concerns of the telecom sector. Sitharaman said that the government's intention is to address the concerns of all those who are going through a huge crisis and who have approached the government.

The Finance Minister's statement came at a time when the country's two top telecom companies- Vodafone Idea and Airtel have shown huge losses in their second quarter results. Vodafone- Idea has suffered a huge loss of Rs 50,921 crore while Airtel has also suffered a huge loss of Rs 23,045 crore. Telecom companies say that the biggest reason for this loss is the Adjusted gross revenue (AGR).

 What happens AGR
Adjusted gross revenue (AGR) is the usage and licensing fees charged by telecom companies by the Department of Telecommunications (DoT) of the Ministry of Communications. The government owes more than 1 lakh crore to the telecom companies. Against this amount of money, the telecom companies approached the Supreme Court. But the Supreme Court had also accepted the government's demand.

 Within a few days of the Supreme Court's decision, the government set up a committee of secretaries under the chairmanship of the cabinet secretary. It has been asked to suggest measures to deal with the financial pressure on Telecom Industries.

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