The telecom industry has witnessed remarkable growth over the past five years, with a significant increase in investment, revenue, and user base. According to the Economic Survey Report of the current financial year, the telecom sector has seen a substantial rise in investment, reaching $5.57 billion.
In the fiscal year 2022-23, the telecom industry’s revenue grew from Rs 694 billion to Rs 850 billion, showcasing a remarkable increase of 22%. The number of mobile phone users in the country has also surged, exceeding 19 crore. Moreover, the internet user growth rate has reached 54.97%.
The telecom sector has experienced positive growth in internet usage during the financial year 2022-23, starting from January. According to the report released on March 24, the export of ICT services increased by 36% to $306 million. In March 2023, the export of telecom services stood at $225 million.
The sector’s revenue has been steadily increasing over the years. In the fiscal year 2019-20, the revenue was Rs 225 billion, which grew to Rs 325 billion in 2020-21 and further increased to Rs 340 billion in 2021-22.
The growth in the telecom sector is a positive indication of the country’s progress towards digitalization and economic development.
