Lot of evidence to prove that you are a terrorist: BJP to Arvind Kejriwal

New Delhi, Jan 31: Substantial competition and low tariff rates by telecom operators since 2016 have led to a financial stress in the sector, the Economic Survey said on Friday.

The data price in the country came down by over 99 per cent during 2016-2019, making it among the lowest tariff in the world, according to the survey.

"Since 2016, the sector has witnessed substantial competition and price cutting by the telecom service providers (TSPs), creating financial stress in the sector. As a result, the sector is experiencing consolidation. While some operators have filed for bankruptcy, others have merged, in their quest to improve viability," the survey report said.

In April-June 2019, the price of data was Rs 7.7 per gigabyte (GB) as compared to Rs 200 per GB in June 2016, it added.

"The Average Revenue Per User (ARPU) for GSM based mobile services has also gone down substantially from Rs 126 in June 2016 to Rs 74.30 in June 2019," the survey said.

The tariff war started in the market with entry of new telecom operator Reliance Jio in September 2016.

"BSNL and MTNL are also affected by the tariff war that has impacted their cash flow resulting in mounting losses," the survey said.

The financial health of the public sector telecom firms plummeted to a level where they have been finding hard to pay employees salaries in time.

The government has drawn up a plan to revive these PSUs which is still in works.

The revival plan consists of several measures, including reduction of staff cost through voluntary retirement scheme, allotment of spectrum for 4G services, monetisation of land and building, tower and fibre assets of BSNL and MTNL, debt restructuring through sovereign guarantee bonds and ''in-principle'' approval for merger of BSNL and MTNL.

The survey said that the wireless telephony now constitutes 98.27 per cent of all subscriptions whereas share of landline telephones now stands at only 1.73 per cent where market share is dominated by private sector players.

"The overall tele-density in India stands at 90.45 per cent, the rural tele-density being 57.35 per cent and urban teledensity being 160.71 per cent at the end of September 2019. The private sector dominates with a share of 88.81 per cent (106.06 crore connections) at the end of September, 2019 while the share of public sector was 11.19 per cent (13.36 crore connections)," the survey said.

The lower price of data has also lead in surge of broadband connections and average consumption of the internet.

Total broadband connections increased by about ten times, from 6.1 crore in 2014 to 59.46 crore in June 2019, the survey said.

The number of internet subscribers (both broadband and narrowband put together) stood at 66.53 crore at the end of June 2019 as compared to 25.16 crore in 2014.

The number of mobile internet subscribers was 64.36 lakh at the end of June 2019 while the number of wireline internet subscribers was 2.17 crore.

"India is now the global leader in monthly data consumption, with average consumption per subscriber per month increasing 157 times from 62 MB in 2014 to 9.8 GB in June 2019. The cost of data has also reduced substantially, enabling affordable internet access for millions of citizens," the survey said.

Mumbai, Feb 18: A group of citizens on Tuesday demanded a thorough inquiry into the death of special CBI judge Brijgopal Harkishan Loya in 2014.

The group has written a letter to Maharashtra Chief Minister Uddhav Thackeray, seeking a time-bound probe into the death of Loya.

Loya, who was hearing the high-profile Sohrabuddin Sheikh fake encounter case of Gujarat, died of a cardiac arrest in Nagpur on December 1, 2014, when he had gone to attend the wedding of a colleague's daughter.

Social activist Ashok Pai, addressing a press conference on behalf of the group, also demanded proper compensation for the judge's family, saying he was on an "official" tour.

Pai said on Tuesday he met NCP president Sharad Pawar, whose party is a key constituent of the Maha Vikas Aghadi (MVA) government in Maharashtra, and raised these demands with him.

Pawar assured to look into the demands, he said at the press conference at the Mumbai Marathi Patrakar Sangh.

"We have handed over a letter to Maharashtra Assembly speaker Nana Patole and dispatched a copy of the letter to Chief Minister Uddhav Thackeray (seeking a probe into Loya's death)," Pai said.

As the matter relates to "mysterious" death of a sitting judge of the CBI, all facts about it must be made public after a detailed and time-bound probe, Pai said.

The Loya death case had reached the Supreme Court.

The Supreme Court had held that Loya had died of "natural causes" and had rejected PILs seeking an SIT probe into the death, questioning their motive.

The SC had held that petitions were moved by political rivals to settle scores which was a serious attempt to scandalise the judiciary and obstruct the course of justice through a "frontal attack" on its independence.

New Delhi, Mar 6: As panicky depositors rushed to withdraw money from Yes Bank whose control was seized by the RBI in a dramatic late-night move, Finance Minister Nirmala Sitharaman on Friday assured depositors that their money is safe and said the central bank was working for an early resolution of the crisis.

The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 for the next one month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed.

"I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution," Sitharaman said here.

She said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap.

"I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development."

She was talking to reporters after meeting State Bank of India (SBI) Chairman Rajnish Kumar. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"So I repeat, the depositors can be assured that their money is safe," she said.

Soon after the RBI takeover, depositors thronged Yes Bank ATMs to withdraw money and police had to be deployed in some places to control the crowds.

Yes Bank has 1,000 branches across the country.

Refusing to elaborate on her meeting with the SBI chairman, the minister said that "was on a completely different matter".

"RBI governor has given me assurance that there will be an appropriate resolution soon. No depositor will lose (money)," she said. "Reserve Bank has taken cognizance of the problem."

The central bank, she said, has gone through the "process over and over again to find out an amicable solution".

"And that has been over the last couple of months. So it is not as if they have come in suddenly now. We have been monitoring the situation," she said adding the RBI has appointed an administrator who previously was with the SBI.

"Both the RBI and the government are looking at this with all the details before them, not just today. I have personally monitored the situation over the last couple of months with the RBI. Therefore we have taken a course which will be in everybody's interest," she added.

Yes Bank had been seeking new capital since last year to bolster its ratios and quell questions about its stability due to its exposure to the non-banking finance industry entangled in a prolonged crunch in the local credit market.

The SBI chairman said the resolution to the Yes Bank crisis will come "very shortly".

"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."

On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.

"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.

Commenting on the crisis at Yes Bank, Alka Anbarasu, Vice President – Senior Credit Officer, Financial Institutions, Moody's Investors Service, said: "RBI's moratorium on Yes Bank is credit negative as it affects timely repayment of bank depositors and creditors."

"While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India," she said.