A Strategic Turning Point for India’s Connectivity and Tech Economy
Divyam Khandelwal
Intern - Investment & Research
From “Innovate to Transform” to execution at scale — how IMC 2025 reveals India’s next decade of opportunity for investors.
Introduction
From October 8–11 2025, Yashobhoomi Convention Centre in Dwarka, New Delhi hosted the 9th edition of the India Mobile Congress (IMC 2025) — Asia’s largest telecom, media, and technology forum. What once began as a connectivity showcase has now matured into a broad convergence of telecom, electronics manufacturing, satellite communications, AI, and emerging technologies.
The theme, “Innovate to Transform,” reflected India’s ambition to convert innovation into execution — and signal to global investors that the country is ready not just to deploy but to design, produce, and own the technologies powering the next generation of connectivity.
Government Signals and Opening Highlights
Prime Minister’s Inaugural Address
Prime Minister Narendra Modi inaugurated IMC 2025, calling it the “best time to invest, innovate and make in India.” He underlined how India had transformed from a 2G-era laggard to a global telecom powerhouse, now boasting near-complete 5G coverage across districts.
The Prime Minister spotlighted the unveiling of the “Made-in-India 4G Stack,” placing India among a select group of nations with indigenous network architecture and software capability. He cited six-fold growth in electronics manufacturing, a 28-fold jump in mobile production, and over 100-fold growth in exports since 2014 — figures that reflect India’s industrial foundation for the next wave of tech investment.
The Ministerial Roadmap
Communications Minister Jyotiraditya Scindia outlined the telecom vision beyond 5G: India’s aim to command 10 percent of global 6G patents, push satellite connectivity as core infrastructure, and expand domestic manufacturing of semiconductors, radios, and network components.
These statements were reinforced by MoUs signed between the Bharat 6G Alliance, NASSCOM, and the European Space Agency, signalling cross-border collaboration on 6G research, space-based networks, and spectrum policy.
Key Tracks and Flagship Events
The 6G Symposium
A headline feature of IMC 2025, the International 6G Symposium convened global technology leaders, research consortia, and telecom policy experts. Three whitepapers were released:
• Spectrum Roadmap for 6G in India
• AI & Network Evolution to 5G
• 6G Architecture, Security and Exposure Framework for RF Sensing
A joint declaration, dubbed informally as the Delhi Declaration, established principles for 6G development — secure, open, resilient, inclusive, and sustainable by design. This formalised India’s shift from passive adopter to active standard-setter.
The Satcom Summit — “Space Networks for Universal Connectivity”
For the first time, IMC hosted a dedicated Satcom Summit, marking the mainstreaming of satellite communications within India’s digital infrastructure policy.
Key discussions revolved around:
• Integration of non-terrestrial networks (NTNs) with terrestrial 5G/6G infrastructure
• Use of LEO and MEO satellites for backhaul and rural connectivity
• Building disaster-resilient networks for maritime, aviation, and remote IoT applications
The tone was clear: satellite connectivity will no longer be supplementary — it will be a core pillar of national infrastructure.
The Startup & Innovation Zone
The IMC Aspire Program brought together 500 startups and over 300 investors, providing a live matchmaking environment between innovators and venture capital.
Highlights included:
• Deep-tech prototypes in 6G, AI-native networks, quantum communications, and cybersecurity.
• The VNIT/Sarvaksh demo — where a Nagpur-based startup showcased Reconfigurable Intelligent Surfaces (RIS) and a secure “Wireless Bubble” for defence applications — personally presented to the Prime Minister.
This demonstrated how Indian academic research is now moving from lab to commercialisation.
The Show Floor — Devices & AI at Scale
Major OEMs and Indian tech companies used the IMC platform to display breakthroughs:
• AI-enabled network automation and edge computing solutions.
• 5G + AI industrial use cases such as smart manufacturing, health tech, and mobility.
• Safety-first devices like JioBharat phones featuring location tracking, restricted access controls, spam filters, and week-long battery life — positioning security as a core feature of digital inclusion.
The Scale of IMC 2025
4 days of programming
100 plus sessions across AI, satcom, 6G, cybersecurity, green tech, and startups
800 speakers and 400 exhibitors
7,000 delegates from over 150 countries
An estimated 150,000 visitors through the week
The diversity of participants – from telcos and OEMs to startups, academia and venture capital – reflected how the event has evolved into a cross-sector technology marketplace.
The Investor Angle — Why IMC 2025 Matters for Capital Allocators
1. Standards and IP Wars
India’s push to capture 10 percent of global 6G patents signifies a pivot from deploying foreign technology to owning its intellectual property. Investors should track companies that file for patents in radio architecture, RIS, AI-driven network automation, and satcom integration — these are the future value nodes.
2. Manufacturing and Supply-Chain Tailwinds
Government support for electronics and telecom manufacturing is creating an industrial corridor from Noida to Chennai. This opens opportunities in equipment suppliers, semiconductors, batteries, fibre optic cables, and power systems supporting the connectivity infrastructure.
3. Satcom as the Next Infrastructure Frontier
The integration of satellite and terrestrial networks presents a new investment theme: ground stations, user terminals, launch services, and connectivity for rural or maritime applications. Though unit economics remain nascent, the potential for scalable infrastructure revenues is high.
4. Digital Inclusion and Low-Cost Device Ecosystems
Affordable smart devices with embedded safety and cybersecurity features illustrate a massive addressable market. India’s next 100 million internet users will likely come from rural and semi-urban segments. Investors should monitor device manufacturers and digital platforms that bundle financial, educational, and health services with connectivity.
5. Startups and Deep-Tech Commercialisation
The IMC Aspire program validated that India’s deep-tech ecosystem is investment-ready. While the gestation is longer, companies developing core network hardware, secure communications, and AI for telecom present multi-bagger potential over 8–10 years.
6. Policy and Regulatory Tailwinds
Telecom reforms – including PLI schemes, spectrum liberalisation, and updated data and satcom policies – reduce entry barriers and provide clearer visibility for capital projects. The policy environment is aligned with industrial growth objectives.
Challenges and Risks for Investors
• Commercialisation Lag: Many 6G technologies are still in R&D; returns may take 5–10 years.
• Margin Pressure: Domestic manufacturing faces global competition; sustaining scale without subsidy support is challenging.
• Satcom Economics: Capital intensive and sensitive to regulatory approvals and frequency allocations.
• Device Market Dynamics: Low ARPU segments require volume to offset thin margins; monetisation through services will be crucial.
• Regulatory Delays: Spectrum auctions and infrastructure approvals could impact timelines for rollouts and returns.
The 12-Month Watchlist for Investors
1. Patent Filings – Track 6G, RIS, AI-native network applications filed in India.
2. Manufacturing Announcements – New plants, supply agreements, and export orders.
3. Satcom Deployments – Operational ground stations, enterprise POCs, and service licenses.
4. Device Innovation Trends – Adoption of safety features and affordable AI phones.
5. Private Network Rollouts – 5G/6G enterprise use cases in ports, defence, and logistics.
6. Startup Funding Rounds – Deep-tech deals and accelerator spin-offs emerging from IMC networks.
7. Policy Updates – Spectrum pricing, PLI revisions, and export incentives.
8. Operator Economics – ARPU trends, data consumption, and network margins to gauge sector health.
Strategic Implications for Investment Firms
For venture capital, private equity, and family office investors, the path forward is multi-layered:
• Short term (3–5 years): Infrastructure deployment, fibre, towers, satcom terminals.
• Medium term (5–8 years): Device ecosystems and service platforms leveraging connectivity.
• Long term (8–12 years): Deep-tech, IP generation, and 6G commercialisation bets.
Balanced portfolio construction – combining steady infrastructure returns with optionality on high-innovation plays – will be key to maximising returns in India’s digital economy.
Conclusion
IMC 2025 marked a transition point in India’s technology story. It signalled a nation ready to move from being a connectivity consumer to a creator of global standards, products, and intellectual property.
For investors, this is not merely about telecom; it is about the entire stack of the new digital economy – from hardware and manufacturing to AI, satellite, and deep-tech. Capital that flows into these domains today will shape the competitive edge of tomorrow.
IMC 2025 has set the agenda; the next decade will be about who executes it first – and who invests in it early.
From “Innovate to Transform” to execution at scale — how IMC 2025 reveals India’s next decade of opportunity for investors.
Introduction
From October 8–11 2025, Yashobhoomi Convention Centre in Dwarka, New Delhi hosted the 9th edition of the India Mobile Congress (IMC 2025) — Asia’s largest telecom, media, and technology forum. What once began as a connectivity showcase has now matured into a broad convergence of telecom, electronics manufacturing, satellite communications, AI, and emerging technologies.
The theme, “Innovate to Transform,” reflected India’s ambition to convert innovation into execution — and signal to global investors that the country is ready not just to deploy but to design, produce, and own the technologies powering the next generation of connectivity.
Government Signals and Opening Highlights
Prime Minister’s Inaugural Address
Prime Minister Narendra Modi inaugurated IMC 2025, calling it the “best time to invest, innovate and make in India.” He underlined how India had transformed from a 2G-era laggard to a global telecom powerhouse, now boasting near-complete 5G coverage across districts.
The Prime Minister spotlighted the unveiling of the “Made-in-India 4G Stack,” placing India among a select group of nations with indigenous network architecture and software capability. He cited six-fold growth in electronics manufacturing, a 28-fold jump in mobile production, and over 100-fold growth in exports since 2014 — figures that reflect India’s industrial foundation for the next wave of tech investment.
The Ministerial Roadmap
Communications Minister Jyotiraditya Scindia outlined the telecom vision beyond 5G: India’s aim to command 10 percent of global 6G patents, push satellite connectivity as core infrastructure, and expand domestic manufacturing of semiconductors, radios, and network components.
These statements were reinforced by MoUs signed between the Bharat 6G Alliance, NASSCOM, and the European Space Agency, signalling cross-border collaboration on 6G research, space-based networks, and spectrum policy.
Key Tracks and Flagship Events
The 6G Symposium
A headline feature of IMC 2025, the International 6G Symposium convened global technology leaders, research consortia, and telecom policy experts. Three whitepapers were released:
• Spectrum Roadmap for 6G in India
• AI & Network Evolution to 5G
• 6G Architecture, Security and Exposure Framework for RF Sensing
A joint declaration, dubbed informally as the Delhi Declaration, established principles for 6G development — secure, open, resilient, inclusive, and sustainable by design. This formalised India’s shift from passive adopter to active standard-setter.
The Satcom Summit — “Space Networks for Universal Connectivity”
For the first time, IMC hosted a dedicated Satcom Summit, marking the mainstreaming of satellite communications within India’s digital infrastructure policy.
Key discussions revolved around:
• Integration of non-terrestrial networks (NTNs) with terrestrial 5G/6G infrastructure
• Use of LEO and MEO satellites for backhaul and rural connectivity
• Building disaster-resilient networks for maritime, aviation, and remote IoT applications
The tone was clear: satellite connectivity will no longer be supplementary — it will be a core pillar of national infrastructure.
The Startup & Innovation Zone
The IMC Aspire Program brought together 500 startups and over 300 investors, providing a live matchmaking environment between innovators and venture capital.
Highlights included:
• Deep-tech prototypes in 6G, AI-native networks, quantum communications, and cybersecurity.
• The VNIT/Sarvaksh demo — where a Nagpur-based startup showcased Reconfigurable Intelligent Surfaces (RIS) and a secure “Wireless Bubble” for defence applications — personally presented to the Prime Minister.
This demonstrated how Indian academic research is now moving from lab to commercialisation.
The Show Floor — Devices & AI at Scale
Major OEMs and Indian tech companies used the IMC platform to display breakthroughs:
• AI-enabled network automation and edge computing solutions.
• 5G + AI industrial use cases such as smart manufacturing, health tech, and mobility.
• Safety-first devices like JioBharat phones featuring location tracking, restricted access controls, spam filters, and week-long battery life — positioning security as a core feature of digital inclusion.
The Scale of IMC 2025
4 days of programming
100 plus sessions across AI, satcom, 6G, cybersecurity, green tech, and startups
800 speakers and 400 exhibitors
7,000 delegates from over 150 countries
An estimated 150,000 visitors through the week
The diversity of participants – from telcos and OEMs to startups, academia and venture capital – reflected how the event has evolved into a cross-sector technology marketplace.
The Investor Angle — Why IMC 2025 Matters for Capital Allocators
1. Standards and IP Wars
India’s push to capture 10 percent of global 6G patents signifies a pivot from deploying foreign technology to owning its intellectual property. Investors should track companies that file for patents in radio architecture, RIS, AI-driven network automation, and satcom integration — these are the future value nodes.
2. Manufacturing and Supply-Chain Tailwinds
Government support for electronics and telecom manufacturing is creating an industrial corridor from Noida to Chennai. This opens opportunities in equipment suppliers, semiconductors, batteries, fibre optic cables, and power systems supporting the connectivity infrastructure.
3. Satcom as the Next Infrastructure Frontier
The integration of satellite and terrestrial networks presents a new investment theme: ground stations, user terminals, launch services, and connectivity for rural or maritime applications. Though unit economics remain nascent, the potential for scalable infrastructure revenues is high.
4. Digital Inclusion and Low-Cost Device Ecosystems
Affordable smart devices with embedded safety and cybersecurity features illustrate a massive addressable market. India’s next 100 million internet users will likely come from rural and semi-urban segments. Investors should monitor device manufacturers and digital platforms that bundle financial, educational, and health services with connectivity.
5. Startups and Deep-Tech Commercialisation
The IMC Aspire program validated that India’s deep-tech ecosystem is investment-ready. While the gestation is longer, companies developing core network hardware, secure communications, and AI for telecom present multi-bagger potential over 8–10 years.
6. Policy and Regulatory Tailwinds
Telecom reforms – including PLI schemes, spectrum liberalisation, and updated data and satcom policies – reduce entry barriers and provide clearer visibility for capital projects. The policy environment is aligned with industrial growth objectives.
Challenges and Risks for Investors
• Commercialisation Lag: Many 6G technologies are still in R&D; returns may take 5–10 years.
• Margin Pressure: Domestic manufacturing faces global competition; sustaining scale without subsidy support is challenging.
• Satcom Economics: Capital intensive and sensitive to regulatory approvals and frequency allocations.
• Device Market Dynamics: Low ARPU segments require volume to offset thin margins; monetisation through services will be crucial.
• Regulatory Delays: Spectrum auctions and infrastructure approvals could impact timelines for rollouts and returns.
The 12-Month Watchlist for Investors
1. Patent Filings – Track 6G, RIS, AI-native network applications filed in India.
2. Manufacturing Announcements – New plants, supply agreements, and export orders.
3. Satcom Deployments – Operational ground stations, enterprise POCs, and service licenses.
4. Device Innovation Trends – Adoption of safety features and affordable AI phones.
5. Private Network Rollouts – 5G/6G enterprise use cases in ports, defence, and logistics.
6. Startup Funding Rounds – Deep-tech deals and accelerator spin-offs emerging from IMC networks.
7. Policy Updates – Spectrum pricing, PLI revisions, and export incentives.
8. Operator Economics – ARPU trends, data consumption, and network margins to gauge sector health.
Strategic Implications for Investment Firms
For venture capital, private equity, and family office investors, the path forward is multi-layered:
• Short term (3–5 years): Infrastructure deployment, fibre, towers, satcom terminals.
• Medium term (5–8 years): Device ecosystems and service platforms leveraging connectivity.
• Long term (8–12 years): Deep-tech, IP generation, and 6G commercialisation bets.
Balanced portfolio construction – combining steady infrastructure returns with optionality on high-innovation plays – will be key to maximising returns in India’s digital economy.
Conclusion
IMC 2025 marked a transition point in India’s technology story. It signalled a nation ready to move from being a connectivity consumer to a creator of global standards, products, and intellectual property.
For investors, this is not merely about telecom; it is about the entire stack of the new digital economy – from hardware and manufacturing to AI, satellite, and deep-tech. Capital that flows into these domains today will shape the competitive edge of tomorrow.
IMC 2025 has set the agenda; the next decade will be about who executes it first – and who invests in it early.