India seeing China’s growth blitz of 2 decades ago: Mittal

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₹200 as of the quarter ended June 2023. “Tariffs need to go to ₹300," Mittal said, reiterating the need for tariffs to rise further in order to get a return on capital employed by the telecom service providers.

However, he noted that the Indian market needed telcos that were financially sound, since the industry required massive investments on an ongoing basis. “India is a large country, but yes, given the investments that the industry needs to make on an ongoing basis to support the digital dream of this nation, so I think financial viability is important," he said.

He noted that Indian telecom service providers were playing a key role in providing connectivity, a role that would become more critical over the next five-to-seven years when over one billion people will have smartphones. On the issue of artificial intelligence (AI), Mittal said regulation has to catch up with technology, but noted that India’s approach to AI and the recently approved digital personal data protection law could be adopted as world standards.

“I think what the world is telling and some of the important leaders are saying is that what India is doing in the area of digital bill and privacy laws, the red lines around AI, could become the world standards to be adopted. Did we make some mistakes on the journey; will we be able to correct some of the issues? I think it’s only obvious that some of the issues will keep on getting more calibrated as you go along, but for India to date, late in some of these advanced technologies, and regulating and directing in the right way is truly commendable," he said.