Union ministers Ashwini Vaishnaw and Anurag Thakur are holding a press conference to brief the media regarding decisions taken during the Union Cabinet meeting held today. The Prime Minister Narendra Modi-led Cabinet has taken key decisions to provide much-needed relief to the telecom and auto sectors.
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In case of spectrum, there was a regime of heavy interest, penalty, interest on penalty on payment of license fees. Penalty has been completely removed; instead of monthly compounding of interest, annual compounding to be done.
Moratorium to start from October 1. MCLR (Marginal Cost of Funds based Lending Rate) + 2 per cent interest to be paid by those who avail of moratorium. Adjusted Gross Revenue and spectrum dues all covered under the moratorium.
Total nine structural reforms and five process reforms have been approved for the telecom sector. "These reforms will change the framework of the entire telecom sector," says Ashwini Vaishnaw.
Minister for Communications Ashwini Vaishnaw says Prime Minister Narendra took a bold decision over AGR, in which a decision to rationalise the definition of AGR has been taken. Now, all non-telecom revenue will be taken out of AGR, he said.
AGR definition rationalised, non-telecom revenue not to be included in it, says Telecom Minister
Provision of Rs 26,058 Crore for PLI Schemes for Auto, Auto component Industry and Drone Industry; Rs. 25,929 Crore for Auto sector and Rs 120 crore for Drone Industry.