India expects to raise $10 billion from mobile airwave auction



India said on Monday it expects to raise 648.40 billion rupees ($10 billion) from a new auction of mobile phone airwaves, intended to help carriers expand their services in a fast-growing market and the government to bolster its strained finances.

The auction, likely to be held next month, comes at a time when weak tax receipts in a sluggish economy are making it tough for India to meet its ambitious fiscal deficit target of 4.1 percent of gross domestic product for the year to March, 2015. Of the estimated revenue of $10 billion, the government expects to book 160 billion rupees, or a quarter of the total proceeds, in this fiscal year, said an official statement issued after the cabinet approved the auction guidelines.




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