India, Dec. 25 -- The word currency must have something to do with current. The value of both water and money lies in how they flow-swiftly, seamlessly, and everywhere. Without motion, both lose their worth. And like water, money needs a sturdy system of wells, tanks, pipes, and taps to do what it is meant to do-flow freely and reach far.

This has never been truer than now, when transactions have shrunk to the swipe and speed of a thumb. The invisible plumbing beneath must work harder than ever to keep pace-and India's telcos are doing precisely that.

Communication costs have dropped by about 33% annually, while processing and storage costs have each fallen around 30%. This has made India one of the most affordable data markets in the w...