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The government has earmarked Rs.15,740.02 crore ($3.2 billion) for the two state-run telecom majors in the budget for 2009-10 presented by Finance Minister Pranab Mukherjee in parliament Monday.
According to Mukherjee, Bharat Sanchar Nigam Ltd (BSNL) will get Rs.14,015 crore as budgetary allocation, while Rs.1,725.02 crore will be provided to fund the expenses of Mahanagar Telephone Nigam Ltd (MTNL).
The minister has also proposed to allocate Rs.2,820 crore to discharge the liabilities of the state-run telecom equipment manufacturer, Indian Telephone Industries Ltd (ITIL) and clean up its balance sheet.
While the telecom regulator Telecom Regulatory Authority Of India (TRAI) received Rs.10 crore as budgetary support, the Telecom Disputes Settlement Tribunal (TDSAT) has been allocated a meagre Rs.1 crore.
The Universal Service Obligation Fund (USOF) has been allocated Rs.2,400 crore.
USOF, being raised through a 5 percent levy imposed on telecom operators' revenues, is utilised for supporting telecom services in rural areas.
Mukherjee has allocated Rs.26 crore for providing optical fibre cable network to defence services.
Manoj Kohli, chief executive and joint managing director of Bharti Airtel said the budget "signals significant demand stimulus emanating from its rural and infrastructure growth packages".
"Telecom infrastructure is an engine of growth and if we are able to double the tele-density to 75 percent in the next five years, especially due to the rural development focus of the government, then GDP growth can be enhanced by 2-3 percent," he added.
Last updated on Jul 6th, 2009 at 21:01 pm IST--IANS
The US Congress Wednesday approved a nearly $18-billion package of incentives to revive the struggling US labour market.
An innovative folding electric plug designed by a student here has won the prestigious Brit Insurance Design Award 2010.
The Insurance Regulatory and Development Authority (IRDA) Wednesday warned the public not to subscribe to any healthcare plans sold by the Bangalore-based Aetna Healthcare Networks (India) as it is not licensed to sell insurance plans.
Pakistan has signed a deal with Iran that would lead to the construction of a crucial gas pipeline, officials said Wednesday.
India and the US have agreed to work in six key areas including trying to reach "a balanced and ambitious outcome in the Doha Development Agenda" under a new set of rules of commercial engagement.
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