According to industry sources, the Indian telecom industry’s revenues have surpassed a record Rs 3 trillion in the fiscal year 2023 (FY23). Gross revenues during the year stood at Rs 3.1 trillion, significantly higher than Rs 2.6 trillion in FY22. The growth in revenue is attributed to higher consumption of data and content as well as financial relief for the industry from the government’s reforms package. Reliance Jio led growth along with Bharti Airtel, gaining from tariff hikes and higher consumer usage of data and other services.

The surge in gross revenues had a positive impact on the industry’s adjusted gross revenue (AGR) on which the government charges its levies. The AGR in FY23 was Rs 2.36 trillion, up from Rs 2.06 trillion in FY21. This also resulted in the government getting more earnings through the revenue share arrangement, as it netted upwards of Rs 167 billion as part of licence fee collections, as compared to Rs 150 billion in FY21.