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The telecom sector alone directly contributes as much as $35 billion annually to the economy. It is estimated to have offered employment to as many as 150,000 employees during the recession. The prosperity that the telecom sector has weaved into the Indian society is one of the main reasons for the growth of the middle income group, says this column. India has always been a country known for its culture and tradition. Our culture inculcates in us the desire to remain closely connected and function as a cohesive unit. Little wonder, we are ranked third when it comes to minutes of mobile usage across the globe.
The prosperity that the telecom sector has weaved into the Indian society is one of the pivotal reasons for the growth of the middle income group. This group has obtained significance and their purchasing power has grown because they are able to reach out to the world at the touch of a button. By 2015 this group will account for 60 per cent of the households in India as compared to 25 per cent in 2001.
In India, 54 per cent of the people have mobile phones compared to the 15 per cent banked population. Banks are looking at the mobile as a medium to penetrate the interior and remote areas of the country. The world of m-commerce is likely to transform the way people bank and pay for goods and services. Operators and handset manufacturers are working together to build applications which will allow people to carry their wallets in their mobile phones. The phone will act as a debit card, a credit card, a means for fund transfers and balance enquiry, all at the touch of a finger. This reality of one-touch banking has become a possibility only because of the mobile phone. One of the greatest inventions by mankind and the interesting part is that the best from this segment is yet to come. with more of the usage of mobiles and cell phones and human beings making it a part of their daily lives soon it is gonna get added to the daily necessities of their life as well.