Save Telecom Sector : We Are One
This petition had 26 supporters
As you all know India’s leading bank has sounded alarm bells over troubles of the telecom industry in writing to the government regarding "highly unsustainable levels" of debt of Telecom companies. Telecom industry's debt to the banking sector is estimated at Rs 4 lakh crore.
"The stress in the sector has reached highly unsustainable levels after the entry of new players and launch of free services, which led to erosion of EBITDA (earnings before interest, taxes, depreciation and amortisation) of the telecom service providers.
It may be difficult for telecom companies to sustain in this pressure. "The data with us suggests that the total EBITDA of the sector on an annualised basis is Rs 65,000 crore, which is clearly unsustainable for debt of more than Rs 4 lakh crore.
Industry observers stated that stake is not only the telcos ability to employ manpower and resources for introduction of next-gen communication technology, but severe consequences for lenders and nearly 150,000 jobs cuts
Various Telecom Company executives and industry insiders said the debt-laden telecom company, which will shut its operations soon, had last month asked their staff to leave by March 31, 2018.
The stress in the sector is such that most foreign players -- who once flocked to the Indian market sensing a huge opportunity -- are now fleeing the country.
We demand for "immediate intervention to stem the slide" & to ensure the JOB Security of the approx. 5 Lacs employees & their families working under the Telecom Sector in India.
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