While the overall telecom industry revenue (adjusted gross revenue) rose 65% since September 2019—driven by multiple rounds of tariff hikes—the growth has slowed down to 9% year-on-year in March 2023, as compared to 15% y-o-y in December 2022.
Rising competition, upcoming elections in several states and the general election next year would likely delay tariff hikes. Meanwhile, Bharti and RJio continue to gain market share at the expense of Vodafone-Idea and BSNL.
