According to a joint report published by Google, Bain & Company, and Temasek, India has the potential to become a $1 trillion internet economy by 2030. Sanjay Gupta, Manager & VP, Google India, commented on the rising dominance of India’s internet economy, claiming it to register a six-fold growth, majorly because of the e-commerce verticals by 2030.
According to the India Economy Report, the fundamental shift in the patterns of income and consumption and a change in the merchant’s behaviour may lead India into a digital transformation. The report stated that this change had spurted growth in the areas related to B2B and B2C e-commerce business, SaaS, online ticket bookings, shopping and even ed-tech. These sectors have been significant drivers of growth and are leading the country to the path of digital transformation.
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India has a staggering 700 million internet user base and has been on the rise ever since. Out of the total users, 350 million users use digital payment platforms, and 220 million use the internet for some kind of online purchases. The reports also suggest a 4-5x growth in the online ticket booking industry by 2030 and a 13-14x growth in B2B e-commerce.
The report has stated that the changes in the patterns and the continuous improvement in the growth drivers will lead India to digital discovery. The digital revolution is not limited to the metropolis, but there will be a substantial contribution expected by tier-II cities in this quest for digital growth.
