The study conducted by Vodafone Institute said mobile phones, which have become an intrinsic part of people's lives, also positively influence social development.
"India's per capita GDP will grow by USD 51 per year between 2010 and 2020 due to rising mobile phone subscriptions," said the study titled 'Mobile Technologies - The Digital Fabric of our Lives'.
It said the mobile subscriptions' contribution to India's per capita GDP will be 11.4 per cent (2010-2012), 4.9 per cent (2012-2015) and 2.1 per cent (2015-2020).
The study added mobile phones will continue to make a significant contribution to economic growth up to 2020.
"The figures show that mobile technology isn't just driving economic growth, but also social progress. Mobile phones are more than just communication tools. They give people the opportunity to participate in economic and social processes," Vodafone Institute for Society and Communications Managing Director Mark Speich said.
The study said mobile phones support democratic participation, increase gender equality and improve education opportunities, while also making a significant contribution to economic growth.
"Mobile devices contribute to economic growth due to their increased use, which has risen sharply," it said.
The study includes a survey by Vodafone analysts, which states there will be an estimated 69 mobile phone subscriptions for every 100 Indians in 2020.
People in India began using mobile phones much later than Europeans.
"In India and South Africa, rising mobile phone subscriptions accounted for 11 per cent of economic growth and almost 20 per cent in Egypt, between 2010 and 2012," the study said.