Modi authorities's former Secretary of Economic Affairs Subhash Chandra Garg says that the nation's telecom trade is in an enormous disaster. He mentioned that today Vodafone Idea is on the verge of chapter. In his weblog post, Garg wrote that whereas telecom service is out there virtually all over the place within the nation and the costs in India are the bottom globally, solely the companies providing these companies have stopped.
The former finance ministry official's remarks come at a time when India's telecom firms are struggling to pay dues and fines associated to adjusted gross income (AGR). <! –
Subhash Chandra Garg is a 1983 batch IAS officer of Rajasthan cadre. He served because the Economic Affairs Secretary and Finance Secretary of India.
He has additionally labored as an Executive Director on the World Bank. According to DoT, Bharti Airtel Limited has to pay 35,586 crore to the federal government and Vodafone Idea should pay 50,000 crore.
Vodafone Idea paid 2,500 crore as fee of its AGR dues and mentioned that it’ll deposit 1,000 crore extra by Friday. Bharti Airtel has paid 10,000 crore to the federal government and has mentioned that it’ll deposit the steadiness earlier than March 17, after checking the arrears in 22 circles.
Amid mounting debt scenario, Vodafone Idea President Kumar Mangalam Birla and Chief Executive Officer Ravinder Takkar met Telecom Secretary Anshu Prakash on Tuesday to supply reduction from any swift motion. Garg acknowledged in his weblog that telecom operators must be provided a lump sum settlement scheme to pay the principal quantity and the curiosity and penalty associated to AGR must be waived.
AGR: Vodafone and Airtel should pay Rs 1.47 lakh crore by March 17-SC