The issue of Adjusted Gross Revenue (AGR) payments is very much in the news now with both Airtel and Vodafone Idea, two of the countries biggest telecom majors, having to pay up thousands of crores. Vodafone Idea has even flagged concerns over the continuing of its business in India. Back in November, we had recorded a podcast on the mounting financial troubles of the two majors, explaining the legal setbacks around AGR but also discussing larger structural issues that go back several years. Understanding the evolution of India’s intensively competitive telecom sector, we had said, was key to analysing the predicament of both companies. Recorder on November 20, 2019 Guest: Raghuvir Srinivasan, Business Editor, The Hindu