Why has ICRA upgraded telecom sector?

You are correct that ICRA has upgraded outlook for telecom services from Negative to Stable. This is in the aftermath of the recent tariff hike and relief package offered by government. ARPU for telecom is expected to go up to Rs.170 in FY23. Also, overall telecom industry revenues are expected to grow 18-20% in FY23 with 30% growth in operating profit. Debt at Rs.4.70 trillion remains a major issue.