India’s Internet economy is expected to touch a trillion dollar figure by 2030 with a six-fold growth. In the joint report released on Tuesday by Google, Temasek and Bain & Company, it was also said that the biggest contribution in this will be from the e-commerce sector. The report estimated that India’s internet economy was between $155-175 billion in 2022.
According to the report, the highest growth will be contributed by the merchant-to-consumer (B2C) e-commerce segment, followed by the merchant-to-business (B2B) e-commerce segment, led by software as a service provider and over-the-top (OTT) Online media will contribute.
Google India manager and vice president Sanjay Gupta said, “India’s Internet economy is expected to grow sixfold to a trillion dollars by 2030.”
He said that in future most of the purchases will be done through digital medium. Gupta said that while startups will be at the forefront of digital innovation, small and medium-sized enterprises, after the Covid pandemic, large-sized enterprises have started using digital technologies to become more competitive.
According to the report, B2C e-commerce is expected to grow 5-6 times from $60-65 billion in 2022 to $350-380 billion by 2030.
The report estimates that B2B e-commerce will grow 13-14 times from $8-9 billion in 2022 to reach $105-120 billion in 2030. Vishesh Srivastava, managing director of the investment division of Temasek, said that India is now a new hope for global gross domestic product (GDP) growth.