Telecom sector mopped up $1.3 bn FDI in 2013-14

The telecommunications sector mopped up $1.3 billion foreign direct investment (FDI) in 2013-14, the Economic Survey Wednesday said.

The sector had received $304 million FDI in 2012-13, said the Survey tabled in parliament by Finance Minister Arun Jaitley.

The survey said the sector has registered phenomenal growth during the past few years and become the second largest telephone network in the world, next only to China.

"A series of reform measures by the government, innovations in the wireless technology, and active participation by the private sector played an important role in the growth of this sector."

The survey suggested that the policy for better spectrum management through trading and sharing needs to be looked into so as to bring down the cost of spectrum.

Similarly, the FDI in computer software and hardware sector attracted $1.12 billion of FDI in 2013-14 compared to $486 million it received in 2012-13.