How much contribution is expected to be made by the 5G, satellite communication and semiconductors  to India's economy over the next five years and are estimated to contribute 1.6 per cent to the national GDP by FY28?

Solution

  According to a report by KPMG, 5G, satellite communication and semiconductors will collectively contribute approximately $240 billion to India's economy over the next five years and are estimated to contribute 1.6 per cent to the national GDP by FY28.   The telecommunications sector is currently valued at Rs 3,000 billion and is expected to grow at a compound annual growth rate (CAGR) of nearly 7-9 per cent by FY24. There will be nearly a 40 per cent increase in hiring in the telecom and related industries in the coming years. The rollout of 5G/6G will boost job prospects in the telecom sector.  At present, the telecommunications industry employs around 4 million people, of which 2.2 million are in direct employment and 1.8 million in indirect employment. By FY26, employment is anticipated to exceed the 6 million mark.