This paper brings out the rationale for and the course of abolition of monopolies in telecommunications, the emergence of independent regulation, competition and markets determining prices for Telecom and Information services in developed countries and how that has led to de-governmentalisation, corporatisation, privatisation and competition in the telecoms of almost all the developing countries also. In the latter case, the obstacles to structural reforms and how the path of liberalisation is strewn with distortions introduced by the incumbent operators who also happen to be licensers and regulators during the crucial period of reforms are brought out with reference to India. The benefits to customers and the investments that are flowing into the telecom sector because of liberalisation are mentioned. The lessons that could be learnt from the course of telecom liberalisation in India are given in the summary.