Amidst reports of financial stress in the sector, the Communications Minister Shri Manoj Sinha held discussions with promoters of telecom service providers. Representatives of Department of Financial Services and State Bank of India were also present.
The industry put forward the problems of telecom sector causing financial stress on the companies and roadmap for addressing the situation.
The Minister informed the industry that an Inter-Ministerial Group (IMG) has been formed to examine systematic issues affecting viability and repayment capacity in telecom sector and furnish recommendations for resolution of stressed assets at the earliest and recommend policy reforms and strategic interventions for telecom sector. The IMG has held wide consultations with Banks and telecom service providers and is likely to submit its report shortly.
The Minister assured that the necessary corrective steps will be taken by the Government for ensuring orderly growth in this sector in terms of services to the common-man including in rural areas.