The Modi-led central government on Wednesday decided to merge loss-making telecom firms BSNL (Bharat Sanchar Nigam Limited) and MTNL (Mahanagar Telephone Nigam Limited) as part of a revival package. Till the time of merger, the MTNL will act as a subsidiary of BSNL.
The revival plans also includes raising sovereign bonds, monetising assets and voluntary retirement scheme (VRS) for employees.
Union Cabinet approves revival plan of BSNL (Bharat Sanchar Nigam Limited)&MTNL (Mahanagar Telephone Nigam Limited)&in-principle merger of the two. Spectrum of 4G to be allocated to Telecom PSEs (Public Sector Enterprises).VRS (voluntary retirement scheme) packages to be offered. https://t.co/KluEorlN9A— ANI (@ANI) October 23, 2019
Briefing reporters on decisions taken by the Cabinet headed by Prime Minister Narendra Modi, Union Minister Ravi Shankar Prasad said the government will put in Rs 29,937 crore for revival of the two state-owned telecom companies.
The revival package includes raising of Rs 15,000 crore sovereign bonds and monetising Rs 38,000 crore of assets in next four years. Also, voluntary retirement will be offered to employees to cut cost, he said.
Meanwhile, the Cabinet has hiked the minimum support price (MSP) for wheat by Rs 85 to Rs 1,925 a quintal and for pulses by up to Rs 325 per quintal. A decision in this regard was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi.
Union Minister Prakash Javadekar: Cabinet has decided to increase the Minimum Support Price (MSP) for Rabi crops, MSP for wheat and barley has been increased by Rs 85 , gram by Rs 255, Masur (Lentil) by Rs 325, mustard by Rs 225. pic.twitter.com/ZqulWe9p50— ANI (@ANI) October 23, 2019
The MSP is the rate at which the government buys grains from farmers.
"In a move to increase farmers' income, the Cabinet has increased the MSP of rabi (winter-sown) crops for the current year," Information and Broadcasting Minister Prakash Javadekar told reporters after the meeting.
The CCEA has approved Rs 85 per quintal hike in wheat MSP to Rs 1,925 per quintal for the 2019-20 rabi crop, up from Rs 1,840 per quintal last year.