As with so much of these issues, there is some level of confusion as to "who" changed the name. The word, itself, is from Sanskrit, and can loosely be translated as "words and sounds coming from the sky." People from Mysore believe that they hold the title of having invented the term:
Mysoreans believe that it was their townsman M.V. Gopalaswamy who coined the word after setting up the nation’s first private radio station in his residence “Vittal Vihar” about 200 yards from AIR’s current location.
At the same time, some believe that Gopalaswamy merely "christened" the name to the radio station and did not directly apply it. There is some question about it, but most seem to understand that Gopalaswamy had some role in attributing the Sanskrit word to the Indian radio stalwart.