Telecom Leaders Raise AGR Concerns with Telecom Minister Jyotiraditya Scindia

On September 24, 2024, the top executives of Bharti Airtel, Vodafone Idea, and Reliance Jio raised pressing concerns regarding the Adjusted Gross Revenue (AGR) issue with India’s Telecom Minister Jyotiraditya Scindia. According to a report by CNBC-TV18, the meeting was aimed at addressing the financial stress faced by these telecom giants due to AGR dues.

The AGR dues have been a longstanding concern for the telecom industry in India. The companies are seeking relief measures from the government, considering the significant burden these dues impose on their financial performance and future sustainability.

In a separate development, S&P Global Ratings reaffirmed India’s economic growth projection at 6.8%. The agency suggested that the Reserve Bank of India might consider lowering interest rates in October to further bolster the economy. The report highlighted that India’s economic resilience could aid in managing inflation more effectively.

On the business front, Tata Motors announced two new versions of its Nexon model, featuring both CNG and electric variants. The CNG version is priced at ₹8.99 lakh, while the electric variant starts at ₹13.99 lakh, adding to the country’s push towards sustainable vehicle options.

Meanwhile, in the United States, the Commerce Department finalized a $123 million grant for Polar Semiconductor. This funding is part of a broader initiative by the Biden administration to enhance the domestic semiconductor industry, aiming to nearly double the production capacity of power and sensor chips at Polar’s plant in Minnesota.