The purpose of this paper is to profile the Indian telecom industry (2015 – 2020) from an economic and game theoretic perspective. The Indian Telecom industry has undergone massive change over the last few years, and the paper investigates the long run impact of these changes on consumer welfare. The paper uses literature and books on different oligopoly models and pricing strategies to explain the workings of the telecom industry. These models are verified using empirical data. The first section of the paper explains the entry of new firms in an oligopoly, and the second section explains how present and future equilibrium models, pricing strategies and collusion in the telecom industry impact consumer welfare. The study uses the models discussed to predict the future of the telecom industry and identifies the role of the government in order to increase long run consumer welfare.