October 27, 1994 |
India Invites Foreign Telecom Investment: Communications Minister Sukh Ram urged foreign telecommunications firms to set up factories in the nation, saying a massive pent-up demand for phones could bring them huge profits. He said India needs 10 million phones by 1997. "There is a waiting list (for phones) of 3 million, and the density of phones in India is less than 1%. This provides immense business possibilities," Ram said.