Cabinet relief package for telecom sector

Last Updated: Wednesday, March 7, 2018, 23:16
Cabinet relief package for telecom sector
The Union Cabinet gave its nod to a relief package for the stressed telecom sector in India. During its meeting on Wednesday, the government agreed to allow more time to the telecom operators to pay for the spectrum bought in auctions, and relax the spectrum holding limit for telecom companies.

"The Union Cabinet chaired by Prime Minister Narendra Modi has approved two key measures in the telecom sector to facilitate investments, consolidation in the sector, and enhancing ease of doing business. These include restructuring the deferred payment liabilities of the spectrum auction of telecom service providers and revising the limit of the cap for spectrum holding for telecom service providers," an official statement said.

The cabinet has also taken several other important decisions. Four of them further enhance India`s strategic ties with France. Apart from those, the notable ones are: Increase in dearness allowance of central govt employees by 2%. The DA hike will benefit 48.41 lakh Central Government employees & 61.17 lakh pensioners. DA hike means increased govt spending of 6,077.72 crore rupees a year. Cabinet also approved the Arbitration & Conciliation (amendment) Bill. Passing of bill will lead to setting up of independent Arbitration Council of India. The ACI will be nodal institutional for settling disputes between companies within 12 months. The step is expected to make India a centre for Alternative Dispute Resolution mechanism.
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