Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
you are here: HomeNewsIndia

5G can boost up to 2% of India’s GDP by 2030, amounting to $180 billion: Nasscom

Globally, 5G mobile subscriptions are expected to grow at a CAGR of over 50 percent and are likely to enable a $1.5 trillion revenue potential by 2030.

November 17, 2022 / 06:17 PM IST
Representative image

Representative image

After three years of telecom companies' deployment of 5G services worldwide, the Indian telecom industry has greeted the long-awaited next-gen services as a mark of inevitable stride. The shift from 2G - which was launched in 1991 - to 5G has resulted in rapid upgradation in customer experience.

While still at a nascent stage and undergoing phased deployment across the country, the 5G service is expected to contribute up to 2 percent of India’s GDP by 2030, amounting to approximately $180 billion, according to a report by NASSCOM, the technology-focused trade association and advocacy group.

Internet penetration in India has been advancing faster than the other countries in the past and is poised to grow significantly higher in the future as well. The rise in internet penetration in India, according to the report, is mainly attributed to the smartphone revolution and the Digital India initiative.

Telecom subscriptions in India saw a CAGR (compound annual growth rate) of 3.37 percent between 2015 and 2019. Meanwhile, during the same period, internet subscribers in India grew at a CAGR of 20.5 percent, the report added.