5G, satcoms, semiconductors to boost economy with $240 bn by FY28: KPMG

5G, satellite communication and semiconductors will collectively contribute approximately $240 billion to India’s economy over the next five years and are estimated to contribute 1.6 per cent to the national GDP by FY28, according to a report by KPMG.

A KPMG report released at the ongoing seventh edition of the India Mobile Congress said India is preparing for a monumental shift to become a global digital powerhouse as the three technologies leverage key national strengths, namely economy, technology, demography and demand.

The telecommunications sector is currently valued at Rs 3,000 billion and is expected to grow at a compound annual growth rate (CAGR) of nearly 7-9 per cent by FY24.