Thriving telecommunication sector of India has managed to direct more than five times FDI inflows from $1.3 billion (roughly Rs. 9,400 crores) in 2015-16 to $6.2 billion (roughly Rs. 45,000 crores) in 2017-18, apprised The Union Communications Minister Manoj Sinha to Media on Tuesday.
With the multitude of 1.18 billion customers India has managed to strengthen its foothold in the world’s telecommunications market, grabbing the second position, said Sinha at a Seminar on FDI in telecom sector.
“In addition to domestic investments in the sector, FDI being an important component of economic growth can play an important role in the sector as it has been doing,” he added.
Aruna Sundararajan, Secretary, Department of Telecommunications, maintained that foreign investment is necessary not only to supplement domestic capital, but also to secure scientific, technical and industrial knowledge.