5G backbone for industry 4.0: India Inc

New Delhi: Industry leaders on Thursday hailed the ongoing 5G spectrum auction that has touched nearly Rs1.5 lakh crore in just two days of bidding, saying it is a watershed moment for the country and its communication and information services.

Pankaj Mohindroo, Chairman of the India Cellular and Electronic Association (ICEA) said that the 5G auctions have also attracted robust investor interest.

"Although lowering of base prices would have further helped, steps such as no spectrum usage charges and no requirement of submitting a financial bank guarantee equivalent to one annual installment would be supportive for the industry and consumers," addsMohindroo.

The government has so far received bids worth Rs 1.49 lakh crore amid aggressive bidding by Reliance Jio and Bharti Airtel. IT Minister Ashwini Vaishnaw said that the telecom sector is brimming with new energy, expressing happiness over the response received for the pricey 700 MHz band which was left unsold in the last auctions.