The Cabinet, chaired by Prime Minister Narendra Modi, also granted nod for allotment of 4G/5G spectrum to BSNL.

The Union Cabinet on Wednesday approved the third revival package worth over Rs 89,000 crore for the telecom PSU Bharat Sanchar Nigam Limited (BSNL). The total authorised capital of BSNL has been increased from Rs 1.50 lakh crore to Rs 2.10 lakh crore.

The Cabinet, chaired by Prime Minister Narendra Modi, also granted nod for allotment of 4G/5G spectrum to BSNL. The Cabinet allotted four spectrum bands– 700 MHz, 3,300 MHz, 26 GHz, and 2,500 MHz— worth Rs 46,338.60 crore, Rs 26,184.20 crore, Rs 6,564.93 crore, and Rs 9,428.20 crore respectively. BSNL aims to provide 4G coverage in rural and uncovered villages under various connectivity projects, offer fixed wireless access (FWA) services for high-speed internet, and services/spectrum for captive non-public network (CNPN).

A Cabinet release read: “With this revival package, BSNL will emerge as a stable telecom service provider focused on providing connectivity to remotest parts of India”.

BSNL is struggling with poor infrastructure and has been battered by competition from rivals such as Reliance Jio, Bharti Airtel, and Vodafone Idea, all of which offer low-cost 4G voice calls and data to customers.

This, however, is not the first revival package for BSNL announced by the Centre. Before this, the government approved the first revival package in 2019 worth Rs 69,000 crore.

The Centre also announced a revival package for BSNL in July 2022 worth Rs 1.64 lakh crore to provide 4G and 5G services to turn the telecom PSU into a more profitable organisation. The package comprised cash component worth Rs 43,964 crore and non-cash component worth Rs 1.2 lakh crore spread over a duration of 4 years.

The package focused on advancement of services and its quality, de-stressing BSNL’s balance sheet, and expanding BSNL’s optical fibre network. Union Minister Ashwini Vaishnaw said at the time that statutory dues worth Rs 33,404 crore will be converted into equity to de-stress BSNL’s balance sheet.

The government also merged Bharat Broadband Network Limited (BBNL) with BSNL. With this merger, BSNL got an additional 5.67 lakh kms of optical fibre laid across 1.85 lakh village panchayats through the Universal Service Obligation Fund (USOF).

Earlier in the day, BTTV reported citing sources that the Cabinet will likely approve the Rs 89,000 crore revival package for the embattered telecom PSU. Sources told BTTV that the Centre believes a government telecom PSU should flourish because of its strategic importance.

Union Commerce and Industry Minister Piyush Goyal on Wednesday said that the Cabinet approved increased minimum support price (MSP) for kharif crops including moong dal, urad, groundnut, soyabean and sunflower seed. MSP on moong dal has been increased by 10.4 per cent from Rs 5,705 in 2014-15 to Rs 8,558 in 2023-24.

“Union Cabinet has approved increased MSP for Kharif crops for marketing season 2023-24. This move is to ensure remunerative prices to growers for their produce and to encourage crop diversification,” the Union Minister said while announcing the reduced MSP rates.

Goyal added that rate of fertilisers has not been increased and electricity is provided 24×7 because of Prime Minister Narendra Modi’s vision.Furthermore, the Cabinet has approved the extension of metro rail network from HUDA City Centre to Cyber City in Gurugram with Spur to Dwarka Expressway at a cost outlay of Rs 5,452 crore, leading to increased employment opportunities. The metro line extension work will provide employment to 17 lakh people by 2030-31.

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Boeing CEO David L Calhoun met Modi and discussed the importance of Boeing’s eight decades of aerospace partnership with India during the prime minister’s state visit to the US.

Boeing CEO David L Calhoun has said his company supports Prime Minister Narendra Modi’s Make in India’ initiative and will play a key role in the rapid expansion of the country’s commercial aviation market.

Calhoun met Modi and discussed the importance of Boeing’s eight decades of aerospace partnership with India during the prime minister’s state visit to the US.

Boeing is proud to be playing a key role in the rapid expansion of India’s commercial aviation market, and in the mission readiness and modernisation of the nation’s defence forces, said Calhoun on Sunday.

We support Prime Minister Modi’s Make in India initiative, with more than 5,000 people in India pursuing high-quality careers doing innovative work on the Boeing team, he said.

Calhoun said Boeing’s growing investments in India underscore not only the strength of the company’s partnership with the country but also the positive trajectory of the broader US-India economic relationship.

At the Paris Air Show last week, Boeing had announced new service contracts in India as well as the finalisation of Air India’s order of up to 290 new Boeing jets.

About Post Author

The Business Daily

The Business Daily is North East India’s first Financial News Portal. This Pink Portal covers all big breaking news from the world of Business, Brands, Politics, Entertainments, Sports etc.

admin@thebusinessdaily.in

http://www.thebusinessdaily.in

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