Anil Ambani, Chairman of Reliance Communications, proclaimed that the telecom industry is likely to see some 40,000 job cuts in 2017. This is the outcome of the stress caused by the 10,000 job cuts introduced in this sector the previous year.
According to Ambani, tax along with telcos’ bank loans amounting to Rs 2.8 lakh crore is taking a toll on the telecom sector of India. He pressed that the Indian government needed to provide a three-year moratorium on augmented Goods and Services Tax (GST). The same is expected on July 1.