The government will infuse Rs 44,720 crore into loss-making state-owned telecom firm BSNL in the next financial year, according to Budget documents.
“The provision is made for capital infusion for 4G spectrum, technology up-gradation, and restructuring in BSNL,” the explanatory note in the document said.
Besides the capital infusion, the government will provide additional financial support of Rs. 7,443.57 crore to the telecom firm for a voluntary retirement scheme and Rs. 3,550 crore as grant-in-aid for payment of GST.
The financial support for the voluntary retirement scheme (VRS) includes the implementation of the scheme at both BSNL and MTNL. The support for goods and services tax (GST) will be provided to BSNL for the payment of GST on the allocation of 4G spectrum, according to the documents.
The additional financial support for the public sector firms is in addition to the Rs. 69,000-crore relief package the government provided them in October 2019.
For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who’sThat360 on Instagram and YouTube.
Meta’s Express Wi-Fi Affordable Internet Service to Shut Down in India and Other Regions After Six Years