5G Rollout Expected to Boost India’s Economy by $450 Million by 2040: Minister

New Delhi: Union Communications Minister Jyotiraditya Scindia announced today that India has successfully rolled out 5G telecom services across all states and Union Territories, reaching 80% of the population in just 22 months. Speaking at the inaugural session of the 5th Global Standards Symposium, Scindia highlighted that the 5G rollout is projected to inject $450 million into the economy by 2040.

During his address, the Minister emphasized the significance of the Global Standards Symposium as a platform for fostering international dialogue and building consensus on standards that will support the global rollout of emerging technologies. “The world is experiencing a paradigm shift in technology and innovation, making standards and regulations increasingly important,” he stated.

Scindia also noted that India is hosting the World Telecommunication Standardization Assembly (WTSA) for the first time, with leaders from over 100 countries in attendance. He underscored the country’s commitment to shaping the future of artificial intelligence, blockchain, smart cities, and open-source technologies.

Doreen Bogdan-Martin, Secretary-General of the International Telecommunication Union, remarked that Prime Minister Narendra Modi will inaugurate the ITU-WTSA 2024 in New Delhi tomorrow. She praised India’s rapid rollout of 5G services and substantial investments in artificial intelligence, declaring the nation a role model for countries pursuing digital transformation.

Bogdan-Martin noted, “India is leading in a knowledge-based economy where innovation is occurring at an unprecedented scale and low cost.”