Indian telecom industry seems to be unfazed by the ongoing global financial crisis. Dismaying the fears, Bharti Enterprises subsidiary Bharti Telesoft's CEO Manoranjan Mohapatra said, "India will remain a prime destination for investments. The mobile penetration level still stands at 30 per cent. There is enough headroom for growth."

Of course, companies would be more cautious now. There would be more thought process, more evaluations but the investments would still keep pouring in, he added. He said the sub prime crisis has already been there for around last six quarters, so it would not adversely impact the growth in the telecom space now.

Swiss firm Bycell, which is invested in the Indian market, also continued to remain bullish on the Indian market.

Bycell India, a joint venture with Bitcorp, has received licenses to start mobile operations in five circles in India. It has also applied for licences in other circles. Bycell, director sales and marketing, Apu Shah said, "India is a safe heaven for investments. Indian democracy and policies ensure returns on investments. Telecom segment depends on consumers. Since, Indian mobile market has enough room to grow, there will not be any slowdown in the growth and investments in telecom space." A market analyst said it's a short-term affect, and will have little impact in the telecom space. "With the 3G mobile service operations in the pipeline, it will offer lot of opportunities for companies," he added.

However, some analysts are of a different view that the global financial meltdown would affect the 3G auction. The weakness in financial markets is likely to impact bidders confidence and participation of the foreign players.