The pace of Indian consumer price inflation is hovering just above a two-decade low, driven by the combination of subdued commodity prices and relatively disciplined fiscal policy. Even as India's GDP continues to grow at the fastest pace of any major economy, muted inflationary pressures have cleared the way for two successive interest rate cuts by the central bank in recent months.
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Since the liberalization of India's telecom sector around the turn of the millennium, the number of Indian phone subscriptions has multiplied more than forty-fold, to over 1.1 billion. As a result of intense competition between multiple private companies – which today account for over 90% of the market – Indian consumers now have access to the cheapest mobile phone plans in the world.
More to come on this topic in an upcoming dispatch.