Telecom industry's debt levels have again risen since government resumed spectrum auctions post 2010
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2.2
2.4
2.6
2.8
3
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
1999: 'bailout'* and new telecom policy
2001: auction for "fourth operator"
2010: 3G spectrum auction
2003: Unified Access Service License
Debt-to-equity ratio (telecom companies in India)
*in 1999, the then NDA government allowed telecom operators to migrate from the fixed licence fee regime to a revenue-sharing model
