Bharti Airtel, a subsidiary of Singapore Telecommunications (Singtel), says it welcomes the policy directions and interventions announced by the government of India on Sept 16.
The directions and interventions are said to support the telco industry in the country that has so far seen stress, high debt and a low return on investments.
The reform package will catalyse “explosive” growth in the telco sector, says Bharti Airtel.
It also paves the way for a sustainable three private plus one state-owned telco operator structure to serve India’s large market.
According to Bharti Airtel, India’s digital economy has entered a phase of exponential growth, where next-generation telco networks with technologies such as 5G will support the country’s digital ecosystem and spur economic growth.
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In a statement, Bharti Airtel’s chairman Sunil Bharti Mittal congratulated the move. He also thanked the government for the seminal reforms that have lifted an "industry that's at the core of Prime Minister Shri Narendra Modi’s Digital India vision".
“The latest reforms ensure that the industry is able to invest fearlessly and support India’s digital ambitions. We also compliment the Minister of Communications and the Finance Minister for their leadership and support.”
“Bharti Airtel is fully committed to respond to the call by the Prime Minister to invest in and accelerate India’s growth. What lies ahead is a once in a lifetime opportunity to build the digital infrastructure that is a catalyst for the digital aspirations of over one billion Indians,” he adds.
“For over two and a half decades, Bharti Airtel has pioneered India’s telecom revolution. These fresh reforms will further boost our efforts to invest in this exciting digital future and enable us to be one of the leading players in India’s digital economy. More needs to be done, however, towards a sustainable tariff regime to ensure the industry gets a fair return. This will in turn allow it continue investing in new technologies and innovation to bring world-class services to customers,” says Gopal Vittal, managing director and CEO (India and South Asia) at Bharti Airtel.
Shares in Singtel closed at $2.38 on Sept 15.
