The Indian telecom sector generated 2.19 trillion rupees ($34.3 billion) in revenue for the 2013-14 financial year, according to government figures.
Sector revenue accounted for 1.93% of India's total gross domestic product for the financial year, Press Trust of Indiareported, citing figures provided in parliament by telecom minister Ravi Shankar Prasad.
The minister's statistics show that while telecom revenues are increasing, the sector's contribution to total GDP is in decline.
In 2012-2013, telecom revenue was 2.07 trillion rupees but GDP contribution was 2.07%. A year earlier, the sector generated 1.85 trillion rupees in revenue but accounted for 2.1% of GDP.
According to Prasad, the government has formulated an action plan to address the issues facing the telecom sector, including policy, licensing and regulatory issues, spectrum management and telecom infrastructure development.
He said the government's move to allow 100% foreign direct investment in operators with the approval of India's Foreign Investment Promotion Board has “created a favourable policy framework for attracting investment.”
India's financial years end in March.