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How the Indian economy will benefit from the digital economy in the years to come

According to a research, India’s digital economy would have grown more than five times by 2030 and will total USD 1 trillion.www.theindiaprint.com download 2023 06 06t202639.302 11zon

India’s digital economy is predicted to expand more than five times to USD 1 trillion by 2030, according to a collaborative research paper issued on Tuesday by Google, Temasek, and Bain & Company. This growth will be fueled by a rising demand for digital products and services, particularly in the country’s smaller towns.

According to the research, “India e-Conomy Report,” India is in its “Digital Decade” and the country’s Internet economy would grow from its current proportion of 4-5 percent of GDP to 12-13 percent by the end of the decade. In terms of daily internet activity, India has greatly outperformed some of the world’s biggest countries.

Despite a “dramatic boom” in India that would see a doubling of family spending by 2030, the survey predicted that “digital commerce will invariably become even more entrenched in Indians’ everyday experience.”
The initial report on India was inspired by the potential of the nation, including the quick digitalization of MSMEs and major corporations, as well as the success of India’s national digital infrastructure. The interest in digital goods and services is growing among consumers in Tier 2+ towns and cities.
Several programmes, including Aadhar, United Payments Interface (UPI), and Digilocker, have contributed to the development of India’s digital economy.

For the core digital industries of business-to-consumer (B2C) and business-to-business (B2B) e-commerce, online travel, food delivery, media, ride-hailing, edtech, healthtech, and Software-as-a-Service (SaaS), the research detailed the potential, constraints, and growth-enabling factors.

According to the analysis, business-to-consumer e-commerce would continue to rule the digital services market by 2030, growing five to six times to between USD 350 billion and USD 380 billion. Additionally, it is anticipated that there would be between 500 million and 550 million internet buyers. Software as a Service, eCommerce, and EdTech are expected to lead the development in digital exports from India.

“Global interest in adopting India’s digital frameworks is cementing the country’s position as a digital technology leader,” the report said.

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