For 2010-11, NSN's revenues from India stood at Rs 6,177 crore compared to Rs 6,173 crore registered by Ericsson during the same period, an annual survey by telecom industry journal Voice&Data showed.
While NSN registered a negative 5% growth in revenue from Rs 6,500 crore in 2009-10 to Rs 6,177 crore in 2010-11, Ericsson saw revenues falling 29.4% to Rs 6,173 crore in the reported period from Rs 8,749 crore in 2009-10.
Chinese firms Huawei and ZTE saw their India revenue falling 23.5% and 12.8%, respectively, it added.
Generally, these companies do not disclose country-specific revenue figures.
The survey attributed the sharp fall in the carrier equipment segment to the security policy formulated by the government. This prohibited many telecom operators from releasing network expansion orders.
Overall, the revenues of the Indian telecom equipment industry plunged by 2.52% to Rs 1,17,039 crore in 2010-11 from Rs 1,20,069 crore in the previous fiscal.
The survey covered over 500 telecom equipment companies in India, including carrier equipment, enterprise communication equipment and user device manufacturers.
Mobile handset maker Nokia had the highest revenue during the year, followed by telecom network equipment majors Cisco, Nokia Siemens Networks, Ericsson and software firm Wipro. The other players in the top 10 were Samsung, Huawei, Tech Mahindra, TCS and ZTE.
India is the world's second-biggest market by mobile subscribers and also the fastest-growing with more than 10 telecom operators.