India’s internet economy to grow 6-fold to $1 trillion by 2030: Report

India’s internet economy is expected to register six-fold growth and touch USD 1 trillion by 2030, mainly driven by the e-commerce vertical, a joint report by Google, Temasek and Bain & Company released on Tuesday said. The report estimates that India’s internet-economy was in the range of USD 155-175 billion in 2022.

According to the report, the growth will be led by the B2C e-commerce segment, followed by B2B e-commerce, software-as-a-service providers and online media led by over-the-top players.

“India’s internet economy is expected to grow 6 x to USD 1 trillion by 2030,” Google India, Country Manager & Vice President, Sanjay Gupta said while sharing details of the report.

He said most of the purchases in future will take place digitally.

Gupta said while startups have led the path on digital innovation, small and medium businesses and large enterprises after the pandemic have started to use digital technologies to become more competitive.

According to the report, B2C e-commerce is expected to grow 5-6 times to USD 350-380 billion by 2030, from around 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, from USD 12-13 billion in 2022.

Temasek, Managing Director (Investments), Vishesh Shrivastav said India is now a new hope for the growth of global GDP.