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<\/div>\nIndia’s online shoppers are expected to double by 2030. (representational)<\/p>\n<\/div>\n
New Delhi: <\/b><\/p>\n
India’s internet economy is expected to grow six-fold to a trillion dollars by 2030 with households doubling their income in the next seven years, said a report by Google, Temasek and Bain & Company.<\/p>\n
The internet economy’s share in India’s GDP will increase from 4-5% to nearly 12-13% in 2030, with 350 million digital payment users and 220 million online shoppers leading the growth, the report said.<\/p>\n
The ‘e-Conomy’ contribution to India’s technology sector is expected to rise to 62% in 2030 from 48% in 2022.<\/p>\n
The report titled ‘The e-Conomy of a Billion Connected Indians’ said India’s internet economy is “roaring” towards a trillion from around $175 billion of consumption in 2022, due to a continued shift in consumer behaviour and evolution of the business ecosystem.<\/p>\n
This growth will be founded on consumers seeing their household incomes double by 2030 from approximately $2,500 to $5,500 by the end of this decade, it said.<\/p>\n
The report, based on surveys of consumers and investors as well as an analysis by Bain & Company, added that the appetite for digital services and products in Tier 2+ cities is matching the demand in metro and Tier-1 cities.<\/p>\n
The report projected that business-to-consumer (B2C) e-commerce will continue to maintain a leading share of digital services, growing five-six times to around $350-380 billion by 2030.<\/p>\n
India’s online shoppers too are expected to double by then.<\/p>\n
“Three foundational forces – deepening consumer digital adoption, technology investments by businesses, and digital democratization with the India Stack – has placed India at a turning point in its digital transformation. Structural shifts in consumption potential are opening up a vast opportunity for start-ups, large businesses and MSMEs to power India’s internet economy towards a projected growth of six-fold,” said Sanjay Gupta, country head and vice president, Google India.<\/p>\n
Vishesh Shrivastav, managing director, Investment (India), Temasek said, “Widespread digital adoption among consumers, as well as businesses, is accelerating the growth of India’s internet economy at an unprecedented rate.”<\/p>\n
“India’s internet economy has remarkable potential and is expected to grow six times over the next decade, with B2C e-commerce driving 40% of the digital gross merchandise value (GMV), followed by B2B (business-to-business) sectors and SaaS (software-as-a-service),” said Parijat Ghosh, managing partner, Bain & Company (India).<\/p>\n<\/div>\n