Narendra Modi is India's most successful prime minister and the greatest global leader of current generation, billionaire Mukesh Ambani said on Wednesday as he flaunted his group Reliance Industries' Gujarati heritage and its over USD 150 billion (Rs 12 lakh crore) investment in last 10 years.
In a big push to the production-linked incentive (PLI) scheme, the government has nearly doubled (increase of 81 per cent) the allocation in five key industry segments from Rs 8,405 crore in the Revised Estimate of FY24 to Rs 15,198 crore in the Interim Budget for FY25. The segments cover over eight PLI schemes, including mobile phones, IT hardware, pharma (PLIs for medical devices, intermediates and pharmaceuticals), food processing, telecom hardware and, auto and auto components. In FY24, DPIIT officials, however, said that the disbursements would be much higher at around Rs 11,000 crore than what has been budgeted for the year.
The Supreme Court recently quashed a rule that mandated telecom operators to compensate consumers.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
The Telecom Regulatory Authority of India on Thursday launched a channel selector application which will facilitate consumers to view their TV subscription and choose the channels of their interest while removing the unwanted ones.
The Central Bureau of Investigation (CBI) began making submissions on Monday on its appeal before the Delhi high court challenging the acquittal of accused persons, including former telecom minister A Raja, and firms in the 2G spectrum allocation scam case in December 2017.
The special cell said it was also probing whom Lalit was in touch with on social media, adding that it was also investigating if the alleged security breach mastermind was speaking to others on social media and, if so, what was said.
Companies may face significant spectrum fees from the government.
Telecom operator Bharti Airtel on Thursday posted a net profit of Rs 1,612 crore for the first quarter ended June 2023, which is nearly flat over earnings in the same period of the previous year. The revenue for the just-ended quarter was 14 per cent higher at Rs 37,440 crore compared to the year-ago period "backed by strong and consistent performance delivery across the portfolio", the company said.
The main thrust of the policy is on the multiplier effect and transformational impact of such services on the overall economy.
Pointing out to the 133-acre Dhirubhai Ambani Knowledge City on the outskirts of the financial capital, he said there is huge realty play opportunity that RCom's erstwhile corporate headquarters possesses, and pegged the potential value creation at the site at Rs 25,000 crore.
The Ministry of Corporate Affairs has asked the Department of Telecommunications to reconsider its decision to issue Mumbai-based Loop Telecom an all-India mobile services licence, suggesting the company had links with Essar Group that violate restrictions on telecom cross-holdings by groups.
On the Sensex chart, Bharti Airtel was the biggest loser with nearly 3 per cent drop in its share price. It was followed by IndusInd Bank, Maruti Suzuki, HeroMoto Corp and Tata Steel.
A day ahead of the interim Budget, India slashed import duty on spare parts, like battery cover, lens and SIM socket, used in mobile phone manufacturing to 10 per cent, from 15 per cent. The duty cut is aimed at boosting local production and exports, as well as reducing prices in local markets. The finance ministry on January 30, notified the cut in duty on all goods for use in manufacture of cellular mobile phones to 10 per cent.
A bench headed by Chief Justice S A Bobde took note of the submissions by a battery of senior lawyers including A M Singhvi and C A Sundaram and said it will list the fresh pleas "sometime in next week" before the same bench which had heard the earlier petition in the high-stake matter.
Ambani said, it will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year.
Oil to telecom conglomerate Reliance Industries (RIL) has initiated the process to seek shareholders' approval for the appointment of the third generation of the Ambani family on the company's board. The remote voting through postal ballot will start from September 27 onwards. In a separate note, CreditSights said a trust and hold-co model could be a possibility for the anticipated succession at RIL.
Analysts have given a thumbs up to the Reliance Industries (RIL) and Walt Disney Co. (Disney) proposed a joint venture (JV). The stock of the Mukesh Ambani-controlled company gained nearly 1.5 per cent on Thursday to Rs 2,952 levels as compared to the S&P BSE Sensex that traded marginally weak, down 0.2 per cent to 72,172 levels in intra-day trades.
The S&P BSE Midcap and the S&P BSE Smallcap indices have managed to stay afloat in a volatile January that saw the frontline indices hit their respective 52-week high levels and then slip. While the S&P BSE Sensex has lost over 2 per cent thus far in January, the S&P BSE Midcap and the S&P BSE Smallcap indices have gained nearly 2.5 per cent and 4 per cent, respectively during this period.
The company received a fresh equity infusion in 2012-13.
The package gives the officers time until October 15 to take a decision on staying back with one of the two public service undertakings.
The DoT estimates that it will receive Rs 29,524 cr in revenue from the telecom industry in FY18, which is 38% less than the Budget revenue target of Rs 47,300 cr for FY18
Globally, the focus has moved back to India, especially in terms of telecom assets. Vodafone Idea, with some 300 million customers, continues to be attractive with shares available at a low price.
In a development that may help jailed former Telecom Minister's A Raja's defence in court, the telecom regulator has informed the CBI that Trai did not recommend the auction of 2G spectrum in 2007, implying that there was no loss to the exchequer in the award of licences.
The government has warned telecom operators against marketing or advertising their services below 256 kbps download speed as broadband.
Former Telecom Minister A Raja's private secretary R K Chandolia had threatened several senior telecom ministry officials to ensure grant of spectrum to Swan Telecom which was ineligible for getting the spectrum licence, Central Bureau of Investigation said on Saturday in its chargesheet on 2G scam.
The CBI contended before the Delhi high court on Tuesday that there were glaring illegalities in the trial court judgment that acquitted former telecom minister A Raja and others in the 2G spectrum allocation scam case.
Govt says there is enough spectrum, telcos differ
The Unified Licence for all 22 Service Areas across India will make the company the first telecom operator in the country to get pan India Unified Licence, the company said in a statement.
Billionaire Mukesh Ambani's children -- Isha, Akash and Anant -- on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries Ltd, in what is seen as a clear path of succession planning at India's most valuable company.
The Adani group plans to bid for setting up duty-free shops at the Macau international airport, as India's largest airport operator spreads its wings overseas. In a stock exchange filing, Adani Enterprises, the flagship firm of the conglomerate run by billionaire Gautam Adani, said it has completed the incorporation of a wholly-owned subsidiary, MTRPL Macau Ltd, in Macau on November 20. The subsidiary has been incorporated for the purpose of getting into the duty-free industry.
The Department of Telecommunications has called a meeting of the heads of all leading telecom companies offering GSM technology services on November 21 to resolve contentious issues that have arisen following recent changes in telecom policy.
Prime Minister Manmohan Singh on Thursday said a strong domestic manufacturing base in electronics and telecommunications will mitigate burden of growing imports for the sector.
The fear of another scam pushed the government into a rather long period of so-called 'policy paralysis'. To play it safe, the price of spectrum in all subsequent auctions was benchmarked to the high 3G rates, says Surajeet Das Gupta.
Typically these are high-beta stocks and earnings are volatile
Prime Minister Narendra Modi, speaking at the India Mobile Congress in New Delhi on Friday reeled out statistics to show how India has turned into an exporter of mobile phones from being an importer and how big tech companies -- from Apple to Google -- are lining up to become manufacturers in the country. He said after the fastest rollout of 5G mobile telephony services, India will lead the world on 6G. Recalling the launch of 5G technology in the country on October 1, 2022, he remarked that within a year there are about 5 lakh 5G base stations across the country.
In the debate whether spectrum was over- priced or not, the focus seems to have shifted from Videocon's telecom gamble.
The government plans to remove the definition of broadcasting services altogether from the bill to help reduce confusion among stakeholders.
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