TRAI puts govt’s plan to go for another auction on hold

The Telecom Regulatory Authority of India (TRAI) has thrown the rule book at the government saying it will not be possible to conduct another spectrum auction within this fiscal.

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This will be welcome news for the existing telecom companies as they would have found it difficult on their existing balance sheets to raise more loans to bid in another auction so soon. But it is bad news for the government, which is hoping to raise additional non-tax money to meet its hugely challenging fiscal deficit.