"This contribution is forecast to almost double to Rs 14 lakh crore by 2020, which would represent 8.2 percent of the projected GDP by that point," GSMA Head of Asia Alasdair Grant said while sharing details of the report.

The industry directly and indirectly supported 4 million jobs in 2014, a figure said to rise to 5 million by 2020. While India has over one billion mobile subscribers as per telecom regulator Trai, the report puts the unique user count at around 453 million at the end of 2014 and it is expected to cross 500 million this year.

The mobile subscriber penetration rate is also low as per the study at 36 percent at the end of 2014 compared with 74 percent projected by Trai. The penetration of mobile connections is also low compared with a 50 percent global average.

Even at this number, India will account for almost half of all the subscriber growth expected in the Asia Pacific region over this period, the report said.