The Union Communications Minister Manoj Sinha on Tuesday said foreign direct investment in the telecom sector rose nearly five times in the last three years.
Speaking at a seminar on FDI in the telecom sector, he said India is the second largest telecommunications market in the world with around 1.18 billion customers.
"FDI in the telecom sector has grown nearly five times over the last three years - from $1.3 billion (roughly Rs. 9,400 crores) in 2015-16 to $6.2 billion (roughly Rs. 45,000 crores) in 2017-18 and we look forward to continuous inflow of FDI in the sector," Sinha said speaking at a seminar here on FDI in the 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.
Speaking at the seminar, Aruna Sundararajan, Secretary, Department of Telecommunications, noted that foreign investment is necessary not only to supplement domestic capital, but also to secure scientific, technical and industrial knowledge.