The Indian telecom market is one of the fastest growing markets in the world today, with a #2 market position in terms of subscribers, next only to China. The year 2009 was filled with panic that the recession would affect the Indian telecom industry too, though we had predicted otherwise.
In FY 2008-09, equipment vendors’ revenue grew by 20% (Rs 1,14,526.9 crore) defying the recession. Service providers’ revenue also grew by 20.7% (Rs 157,542 crore) almost equal to the growth of FY 2007-08. Source

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