India’s internet economy is expected to register six-fold growth and touch ₹1 lakh crore by 2030, mainly driven by the e-commerce vertical, a joint report by Google, Temasek, and Bain & Company released on Tuesday said.
The report estimates that the country’s internet-economy was in the range of $155-175 billion in 2022.
According to the report, the growth will be led by the B2C e-commerce segment, followed by B2B e-commerce, software-as-a-service providers, and online media led by over-the-top players. “India’s internet economy is expected to grow 6 x to $1 trillion by 2030,” Google India, Country Manager & Vice President, Sanjay Gupta said while sharing details of the report. He said most of the purchases in future will take place digitally.
A report by businessline revealed that the country accounts for more than 70 crore internet users, making it the second-highest number of internet users in the world after China.
Gupta said, “While startups have led the path of digital innovation, small and medium businesses, and large enterprises after the pandemic have started to use digital technologies to become more competitive.”
According to the report, B2C e-commerce is expected to grow 5-6 times to $350-380 billion by 2030, from around $60-65 billion in 2022. B2B e-commerce is estimated to grow 13-14 times to $105-120 billion, from around $8-9 billion in 2022. The software-as-a-service segment is expected to grow 5-6 times to $65-75 billion by 2030, from $12-13 billion in 2022.
Temasek, Managing Director (Investments), Vishesh Shrivastav said India is now a new hope for the growth of global GDP.
Published on June 6, 2023
