According to India Cellular and Electronics Association (ICEA), around 75-80 per cent of the new smartphone launches will be 5G enabled by the end of 2023.

To this end, Pankaj Mohindroo, chairman, ICEA, notes that India as a nation is an early adopter of 5G technology which, in turn, has opened plethora of opportunities for a new generation of telecom equipment manufacturers, application providers, internet of things (IoT), machine-to-machine (M2M) and healthcare services.

As per ICEA, approximately 80-100 million 5G compatible phones were already in the market, even before the launch of 5G services. 5G subscription in India were expected to reach around 31 million by the end of 2022. Meanwhile, on semiconductor industry, Mohindroo said that the Indian semiconductor market was $15 billion in 2020 and expected to reach $63 billion by 2023 at 30 per cent compound annual growth rate (CAGR).