India’s stock market seldom tends to influence the workings of its federal bureaucracy. But for the country’s telecom mandarins, who have just floated a new draft national policy for the sector, the investor response to one listed company could be the canary in the coal mine.

At Rs 9,800 crore, the market value of Tejas Networks, a Tata-owned maker of telecom equipment, is now half the peak it reached 10 months ago. What’s odd is that Tejas Networks is now worth only a little more than its revenue. At the heart of investor frustration, and perhaps even fear, is the big pile of payments the company is yet to receive from its customers, including the government (the owner of telco BSNL).

It’s striking, then, that the draft telecom policy includes a plan to handhold 500 startups and MSMEs working on emerging telecom technologies. But what’s truly conspicuous in the policy is what’s not in it.

The Ken’s Seema Singh explains in this edition of Make India Competitive Again, as narrated by Seetharaman G.