As per minister, India today is the second largest telecommunications market in the world with around 1.18 billion customers.
Foreign direct investment (FDI) in the telecom sector grew five times in the last three fiscals – from $1.3 billion in 2015-16 to $ 6.2 billion in 2017-18, said Manoj Sinha, Minister of State for Communications (Independent Charge) and Minister of State for Railways.
“It is a matter of pride for us that FDI in the telecom sector has grown nearly five times over the last three years – from $1.3 billion in 2015-16 to $ 6.2 billion in 2017-18 and we look forward to continuous inflow of FDI in the sector”, the minister noted.
He was speaking at the inaugural session of the one-day seminar on “FDI in Telecom Sector: The Way Ahead” at New Delhi on Tuesday.
As per him, India today is the second largest telecommunications market in the world with around 1.18 billion customers.
"This transformation is moving India towards becoming a ‘knowledge society’ in the true sense, because growth of internet data services and the widespread use of mobile phones have also changed the way in which public services like education, transportation and healthcare are being delivered."
The minister said telecom sector is also playing an important role in agriculture, poverty eradication, disaster preparedness and financial inclusion.
"As we get the blueprint ready for transition to newer, emerging technologies like 5G, M2M, and AI etc, there would be need for investments. Therefore, in addition to domestic investments in the sector, FDI an important component of economic growth can play an important role in the sector as it has been doing."
Aruna Sundararajan, Secretary (Telecom) said foreign investment is necessary not only to supplement domestic capital but also to secure scientific, technical and industrial knowledge.