The Supreme Court’s recent decision allowing the Centre to take a call on granting relief to Vodafone Idea (Vi) in the long-running Adjusted Gross Revenue (AGR) case marks a turning point in India’s telecom story. It is not merely a reprieve for a struggling company; it is a moment that could reshape the structure and competitiveness of the sector itself.

For nearly five years, the AGR issue has drained Vodafone Idea of both financial strength and operational vitality. The roots of the problem go back to 2019, when the Supreme Court upheld the Department of Telecommunications’ (DoT) definition of AGR, one that controversially included revenues from non-telecom services for calculating the licence fee and spectrum usage charges. This interpretation saddled telecom companies with massive re

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