The Union Budget 2013-14 did not have much focus on the Telecom sector in particular but the overall budget will be good for investments. There has been a meaningful increase in planned expenditure to the tune of 30%. This year the FM has put out a 4.8% fiscal deficit compared to 5.2% of last year. However, we see that an increase in government support to the industrial corridors will help growth and see a lot of foreign investment over the course of this financial year.
We feel positive about the commitment to having an ATM in every PSU bank branch by March 31st 2014 as it will provide a huge thrust to ATM network reach, penetration and adoption in India. As India's largest managed ATM services provider with existing relationships with most of the PSU banks, this presents additional growth opportunities for Tata Communications Payment Solutions Ltd (TCPSL), a wholly owned subsidiary of Tata Communications.
Sanjay Baweja, CFO, Tata Communication