According to joint report by Google, Temasek and Bain & Company released on Tuesday said India's Internet economy is expected to register a six-fold growth and will touch US dollar one trillion by 2030 which will be mainly driven by the e-commerce vertical.
According to the report estimates, India's internet economy in the year 2022 was in the range of USD 155-175 billion.
"India's internet economy is expected to grow 6 times to USD 1 trillion by 2030," Google India, Country Manager & Vice President, Sanjay Gupta said while sharing details of the report.
He also added that most of the purchase in the future will be taking place digitally. Startups has led the path on digital innovation, small and medium businesses and large enterprises after the Covid-19 pandemic have started to use digital technologies to become more competitive, added Gupta.
The report stated, B2C e-commerce is expected to grow 5 to 6 times to USD 350-380 billion by 2030 compared to the USD 60-65 billion in 2022. The report estimates B2B e-commerce to grow 13-14 times to USD 105-120 billion, from around USD 8-9 billion in 2022.
The software-as-a-service segment is expected to grow 5-6 times to USD 65-75 billion by 2030 compred to USD 12-13 billion in 2022. India is now a new hope for the growth of global GDP, said, Temasek, Managing Director (Investments), Vishesh Shrivastav.