The 5G spectrum bandwagon has rolled out today. The auctions promise to herald a new era in cutting-edge telecom services. But for Indian telcos, it’s also a moment of reckoning, a fine-balancing trapeze act. As they pick up spectrum bands, they’ll have an eye on the long-term business economics as well. How do they pick up the frequencies which make a compelling business proposition and don’t leave a big dent in their already fragile balance sheets? Telcos may initially target the mid-bands which offer affordable services, and even more importantly, can connect to handsets already available in the market. The 700 Mhz band is the primary 5G band globally but that may not happen in India immediately because it’s priced prohibitively.