INR 7.88 lakh crore debt hits the telecom sector

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Team Industry Outlook | Wednesday, 20 November 2019

INR 7.88 lakh crore of debt hits the telecom sector hard and these the data is as per report the released in Parliament on Wednesday.

Ravi Shankar Prasad, Telecommunications Minister replied to the Parliament stating that as per the Inter-Ministerial Group report, the total debt of the telecom industry was Rs 7.88 lakh crore.

He further added, "The other third party liabilities

are Rs 1.80 lakh crore, taking the total liabilities to Rs 7.88 lakh crore."

IANS reported that this was stated in a reply to an unstarred question raised by Kaushalendra Kumar, Ramesh Chander Kaushik, Rajiv Ranjan Singh, Saugata Roy and L.S. Tejasvi Surya on whether the government plans to waive the interest and penalties on the AGR levy as per Supreme Court.

Telecommunications Minister Ravi Shankar Prasad said in the reply that the Supreme Court has given three months time to deposit the payment and report the compliance.

The Minister in his reply said no such proposal of a waiver of interest and penalties is under the consideration of the government as on date. Similarly, no proposal for extending the time limit is under consideration as on date, the Minister said.
The Committee of Secretaries under the chairmanship of Cabinet Secretary held meetings to discuss the issues relating to the stress in the sector.