KPMG in India forecasts the country's telecom equipment market will grow from $25 billion in FY2025 to $50 billion by FY2032, driven by AI, semiconductors and cloud convergence. Handset production reached ₹6,270 billion in FY26 with about 60% import substitution. The report urges investments in advanced semiconductors, hardware ecosystems and innovation to capture high-value opportunities.
