The department of telecommunications (DoT) has significantly reduced the spectrum auction revenue target for FY24 to ₹500 crore from ₹5,000 crore. However, the department still expects to generate ₹85,000 crore in revenue receipts this fiscal. The upcoming auction in March is likely to draw bids from Bharti Airtel and Vodafone Idea (Vi) for renewing their airwaves, with a total sale expected to fetch around ₹2,000-₹3,000 crore. This would mark a decline from the record ₹1.5 lakh crore the government earned from the last 5G auction in August 2022.