Morning Buzz: Economy projected for 6.3 percent growth, changes in spectrum allocation in new Telecom Bill, and more

Image: Shutterstock

India’s economy projected for 6.3 percent growth in FY23, FY24: IMF

India's economy is forecasted to grow at 6.3 percent in the current fiscal year and the next, says the International Monetary Fund (IMF), led by macroeconomic and financial stability. The spending towards the government-led infrastructure expansion and the digital public infrastructure will continue to sustain growth. The pace of growth forecast by the IMF is largely in line with most financial institutions and research firms.
(Business Standard)

New Telecom Bill introduces changes in spectrum allocation

The latest Telecommunications Bill has introduced significant changes in the allocation of spectrum for satellite broadband services. Spectrum for such services can be assigned at administered prices without any auction. There are also powers for the government to take over, manage, or suspend any or all telecommunication services or networks in the interest of national security.
(The Hindu Businessline)

Government cuts windfall profit tax on crude oil

The government has cut the windfall profit tax on domestically produced crude oil and diesel exports. The special excise duty on domestically produced crude oil is cut from Rs 5,000 per tonne to Rs 1,300 per tonne. Simultaneously, SAED on diesel exports has been scaled down from Re 1 per litre to Re 0.50 per litre.
(Mint, Economic Times, Zee Business)

Vodafone Idea’s excess collection to ease its financial burden

The debt-burdened Vodafone Idea, which is seeking capital infusion from external investors, is likely to get some short-term relief. The telecom tribunal has told the Department of Telecommunications (DoT) to adjust the excess Rs 755.52 crore collected from Vodafone Idea—as part of its earlier merger-related liabilities—against its statutory licence fee and spectrum usage charge (SUC) dues.
(Economic Times)