New Delhi, June 5 (IANS): Expressing concern about the ailing health of telecom companies, Finance Minister Arun Jaitley on Monday said it is the responsibility of the concerned ministry and the sector regulator will take care of the industry and fair competition should prevail to ensure consumer benefits.

"I hope telecom is not the new steel and I think it's a sector which is overseen by a ministry, it has a sectoral regulator and it is their responsibility to ensure that there is fair competition," Jaitley told CNBC TV18 in an interview.

"And fair competition must ensure consumer benefits," he added.

The Finance Minister said fair competition should ensure survival of all competitors.

"We need multiple players in the telecom sector. We don't need a situation where the balance sheet turns into the red and then have an adverse impact on the banking system itself," he said.

"I am sure both the ministry and the regulator are aware of the situation. I am certainly concerned about the sector but I am sure both institutions will take care of it."