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15-06-2022
Bureau Report
NEW DELHI/ MUMBAI: Indian shares were subdued on Wednesday as investors were cautious ahead of the US Federal Reserve’s decision on interest rates and its impact on the world’s largest economy, while energy stocks fell after clocking gains recently.
The NSE Nifty 50 index was down 0.2 percent at 15,698.4 by 0408 GMT, while the BSE index fell 0.2 percent to 52,602.4.
5G networks
The Indian government on Wednesday gave final approval to a proposal for directly allocating airwaves to enterprises, paving the way for them to operate private 5G networks.
The government also said it would hold the 5G spectrum auction by the end of July. The auction is expected to see participation from the country’s three main carriers Vodafone Idea, Bharti Airtel Ltd. and Reliance Industries Ltd’s Jio.
Indian wheat exports
The UAE has ordered a four-month suspension of exports and re-exports of wheat and wheat flour originating from India, the world’s second biggest producer of the grain, state news agency WAM said on Wednesday.
The Gulf nation’s Economy Ministry cited interruptions to global trade flows as the reason for the move, but added that India had approved exports of wheat to the UAE for domestic consumption.
India banned wheat exports in a surprise move on May 14, except for those backed by already 
issued letters of credit and to countries seeking to ensure food security. Since then, it has allowed shipments of 469,202 tons of wheat.
Companies wishing to export or re-export Indian wheat brought into the UAE before May 13, when India’s suspension began, must first make an application to the Economy Ministry, it said in a statement.
The UAE and India signed a broad trade and investment pact in February that seeks to cut all tariffs on each other’s goods and aims to increase their annual trade to $100 billion within five years.
In India, the mobile telecommunications market has recently undergone a tectonic shift.
The market has become highly competitive with the introduction of new players offering cheaper and better voice and data plans to consumers with better coverage. This has led to a price war affecting all mobile operators. Their profits have gone down and debts have gone up. This shift has also brought consolidation among the mobile service providers to align synergies and achieve economies of scale to better compete in the market.2 In addition, in October 2019, the Supreme 
Court ruled against the incumbent mobile operators and asked them to reimburse US$13.9 billion in license fees, penalties and interest payments (Bharti Airtel about US$3 billion; Vodafone Idea about US$3.9 billion and Reliance Jio about US$1.8 billion) to government.3 Recently, the Supreme Court has provided 10 years period to pay the pending licensee fee in equal yearly instalments.4 These developments seem to be clouding the rollout of 5G in India.
However, the size of the telecom equipment sector is expected to grow to US$26.38 billion by 2020, bolstered in part by the growth of internet subscribers in the country to 829 million by 2021. The overall internet traffic could grow four-fold by 2021, at a 30% CAGR. The Mobile Value-Added Services (MVAS) industry is billion in the telecommunications sector by 2022.6 such exponential growth potential entices mobile operators to jockey for a leadership position in the future 5G market in India.
