Internet Economy in India Expected to Reach USD 1 Trillion by 2030

With the rapid increase in the reach of the Internet in the last few years, the number of businesses connected with it is also increasing. India’s internet economy is expected to grow six times to reach one trillion dollars (about Rs 82,58,950 crore) by 2030. E-commerce companies will have a major stake in this.

Internet search engine Google, a joint venture between Temasek and Bain & Company Report It has been told that the country’s internet economy was between 155-175 billion dollars last year. Online media, led by B2C e-commerce companies, B2B e-commerce, software service providers and over-the-top platforms, will drive its growth. “The country’s internet economy is expected to grow sixfold to $1 trillion by 2030,” said Sanjay Gupta, country manager and vice president, India, Google. He said that in the coming years, most of the purchases will be done through online mode. He told that startups have increased digital innovation. Large companies as well as small and medium enterprises have started using digital technologies to become more competitive.

According to the report, B2C e-commerce could grow five to six times to reach $35-38 billion by 2030. It was $60-65 billion last year. B2B e-commerce is expected to grow almost 14 times to reach $105-120 billion. This segment was worth eight-nine billion dollars last year. The business of software service providers can be up to $ 65-75 billion with a growth of five to six times. It was at $12-13 billion last year. Temasek Managing Director, Vishesh Shrivastav said that India is now a new hope for global GDP.

Last year, telecom companies started 5G services. from this high-speed network data The speed is likely to increase significantly. Compared to 4G, 5G has very low latency, which will improve the user experience in various sectors. Low latency means high volumes of data messages can be processed with minimal delay, which also benefits Internet-connected businesses. These services will enhance remote data monitoring in sectors such as mining, telemedicine, warehousing and manufacturing.

(This news has not been edited by NDTV team. It is published directly from syndicate feed.)