India's telecom revenues have reached a record high of £30 billion for the first time as income increased 20% in FY23 due to rising data and content consumption as well as financial relief from the government's reform package. Due to the expansion, the government was also able to increase its revenue share, which totaled over £1.67 billion through licence fee receipts. According to sources, the Indian telecom industry closed FY23 with gross revenues of £31 billion, significantly higher than the £26 billion in 2021-22.
Best-performing Reliance Jio and Bharti Airte both experienced growth as a result of rate increases and increased customer usage of data and other services. However, Vodafone Idea, the third-biggest private operator in the nation, has yet to deliver as it works to turn things around, particularly after the government decided to become the company's largest shareholder by turning its unpaid interest liabilities into equity.
“There has been a credible and strong revival of the telecom industry, indicating that reforms ushered in by the government have been in the right direction. Also, the commencement of 5G rollout by the mobile operators and further investments into network expansion will give a fresh impetus to the industry and its revenues which will only get stronger over the coming years,” sources said.