Why 5G is the next headache for some of India’s richest businessmen

After racking up $59 billion of net debt to survive a brutal war in the world’s second-biggest phone-services market, some of India’s billionaires are bracing for more as their next battle looms: 5G.

India seeks to raise $84 billion this year from a sale of airwaves — most of it for the latest technology tipped to revolutionize connectivity — posing a conundrum for the carriers controlled by tycoons including Mukesh Ambani, Asia’s wealthiest man. Investment would mean more borrowings, but the reward could be revenue streams never seen before.

Operators may soon decide how much more pain they can endure for a high-speed wireless network that can offer better user experience in streaming, gaming and entertainment in a market where Netflix Inc. to Amazon.com Inc. are making inroads. With applications ranging from manufacturing to education and health care, 5G could be the catalyst for India’s digital economy that has the potential to reach $1 trillion by 2025, according to a report by Deloitte.