There may be some ‘temporary' set back on investment inflow in the telecom sector due to the cancellation of 122 telecom licences by the Supreme Court. However, the telecom sector is vibrant and it will bounce back, said Dr Veerappa Moily, Union Corporate Affairs Minister.

“These are aberrations because of the certain alleged irregularities, which have been committed based on the first-come-first-served option,” he told newspersons.

The Government is not going to appeal against the cancellation of licences. However, some of the corporates may go for that, “but we will go as per the decision of the court. Ultimately, they will also contest for the auction. We will have a transparent system. There is a lot of revenue to be earned from an open auction that is why the Government is auctioning 2G spectrum,” he said.

On bailing out Air India from financial trouble, Dr Moily said, “We need to bring in professionalism in civil aviation. I have given a note to the Prime Minister on how it can be revamped. It is possible to do it,” he said.

On the Antrix-Devas deal, Dr Moily said “somewhere there was not proper handling of the issue. Two committees have been appointed to look into the scam and things are coming out,” he said after inaugurating a conference on “Investor's Meet” organised by the Ministry of Corporate Affairs and the Institute of Chartered Accounts of India.

Competition Policy

On the National Competition Policy, Dr Moily said it would be cleared by the Union Cabinet by March and introduced in the Budget Session. “This the second economic reforms after the previous one announced in 1991,” he said.

>raja@thehindu.co.in