"TD-LTE (China's long-term evolution, or 4G standard) has proved to be a game-changing technology shift in China by providing incumbent China Mobile a working data network. This is facilitating improved data monetisation, particularly as compared with its WiFi network," says Credit Suisse.

"We also expect TD-LTE to be a game-changer in India, for quite different reasons. Specifically, TD-LTE has allowed new entrants to utilise a large, until now unused spectrum resource to enter the market," said the research consultancy in a recent report.

"We expect this to have a negative impact on incumbent operators in the shape of upward revisions in spectrum costs and capex costs and downward revisions in revenue forecasts and Ebitda margins (earnings before taxes and some charges), most of which is yet to come," the consultancy added.

"The success of China Mobile's TD-LTE network over the past 12 months confirms our view that RJio (Reliance Jio, broadband arm of the Mukesh Ambani-led group) can be a meaningful threat to Indian incumbents," it said, adding the strategy to sell both services and handsets will prove valuable.

According to Platinum Asset Management, an Australia-based fund manager, with only 2.5 land lines per head of population in India versus 20 in China, wireless allows a leapfrogging of technology.

"While the market frets about the losses that will be incurred, we suspect that the usage of digital may be underestimated. Cisco predicts that by 2018 mobile traffic per connected device in India will increase to 1.1 GB per month from 60 MB in 2013," the report by Platinum said.

According to the Credit Suisse report, argument remains that the LTE opportunity in India is at least a couple of years away primarily due to weak ecosystem and expensive handsets. It mentioned the fresh wave of additional capacity by a well-capitalised new entrant will have a material negative impact on the incumbents. This would manifest in slower revenue growth, a fall in margins, rising spectrum cost and rising capex-all leading to pressure on earnings and returns.