The 5G spectrum auctions will take place during the calendar year 2022. It has been confirmed by India’s Finance Minister, Nirmala Sitharaman, during the ongoing union budget 2022 announcements. It is not a new development as Ashwini Vaishnaw, IT minister of India, had already confirmed that the 5G spectrum auctions will take place during April-May 2022. Further, the finance minister said that 5% of the annually collected Universal Service Obligation Fund (USOF) would be allocated for the research and development (R&D) and commercialisation of technology and solutions to proliferate broadband in the rural areas of the country. Sitharaman said that every Indian living in the villages should get equal access to e-services the way people living in urban areas have access to them. What’s interesting here is that the telcos have asked the finance ministry to get rid of the USOF liabilities that are included in their license fee.
India to Get Digital Rupee Soon
Using blockchain technology, the finance minister has confirmed that India will see the digital rupee issued in FY23. Sitharaman said that it would be a big boost to the Indian economy. There’s no clarity around how it will be issued and how it will work, but since the announcement has been made, it will leave a lot of crypto investors in the country in a dark space. There are millions of Indians who are currently invested in crypto. While the finance minister hasn’t made any announcements regarding the crypto’s future, the panic would easily set in amongst investors who have put in a significant sum of money in the financial instrument. The digital rupee might be something that is more stable in nature as compared to crypto. With 5G coming and the digitisation of the country happening rapidly, the digital rupee should make a big case for itself in no time. The only thing that is left to see right now is how stable it would be. More announcements around the same should follow soon.
