Technology: India’s Internet-based economy to grow 6-fold to USD 1 trillion by 2030
Virendra Pandit
New Delhi: As the Indian economy marches ahead, the South Asian country’s Internet-based economy is likely to grow exponentially six-fold to USD 1 trillion by 2030, mainly driven by the e-commerce vertical, a report said on Tuesday.
This 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, a joint report by Google India, Temasek, and Bain & Company said.
It estimated that India’s internet economy was in the range of USD 155-175 billion in 2022.
“India’s internet economy is expected to grow 6 x to USD 1 trillion by 2030,” Google India’s Country Manager & Vice President Sanjay Gupta said while sharing details of the report.
He said most of the purchases in the future will take place digitally.
While startups have led the path of digital innovation, small and medium businesses, and large enterprises after the pandemic have started using digital technologies to become more competitive.
According to the report, B2C e-commerce, around USD 60-65 billion in 2022, is expected to grow 5-6 times to USD 350-380 billion by 2030.
Likewise, B2B e-commerce is to grow 13-14 times to USD 105-120 billion, from around USD 8-9 billion in 2022.
The software-as-a-service segment might grow 5-6 times to USD 65-75 billion by 2030, from USD 12-13 billion in 2022.
Temasek, Managing Director (Investments), Vishesh Shrivastav said India is now a new hope for the growth of global GDP.
