As per a joint report by Google, Temasek, and Bain & Company, India’s internet economy is predicted to expect a six-fold growth to $1 trillion by 2030. The report also states that India’s internet economy was in the range of USD 155-175 billion in 2022. The primary factor responsible for this growth is the e-commerce vertical.
This growth will be a result of B2C e-commerce, B2B e-commerce, software-as-a-service providers, and online media led by over-the-top players. B2C is expected to grow from USD 60-65 billion in 2022 to 5-6 times USD 350-380 billion by 2030. The report also estimates B2B e-commerce to grow from USD 8-9 billion in 2022 to at least 13-14 times USD 105-120 billion. Software-as-a-service is expected to grow from USD 12-13 billion in 2022 to USD 65-75 billion by 2030.
“India’s internet economy is expected to grow 6x to USD $1 trillion by 2030. Most of the purchases in the future will take place digitally”, said Sanjay Gupta, Google India’s Country Manager & Vice President.
Temasek Managing Director (Investments), Vishesh Shrivastav said that India is the new hope for growth of the global GDP.
India’s internet economy’s growth is attributed to deep consumer digital technology adoption and investments in technology by businesses among other factors. This growth also presents many opportunities for startups, large businesses, and MSMEs to support the Internet economy for a 6x growth to $1 trillion by 2030.
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