India's Internet economy to grow to $1 trillion by 2030
India's internet economy is expected to soar to a mind-boggling $1 trillion by 2030, leaving its $175 billion valuation in 2022 far behind, according to a joint report released by Google, Temasek, and Bain & Company.
This forecast would be a result of increased digital consumption in sectors like e-commerce, online travel, food delivery, and ride-hailing, the report finds.
By 2030, the Internet economy is expected to contribute a staggering 62% to India's technology sector, a significant leap from the 48% recorded in 2022. Not only that, but it will also command a noteworthy 12-13% share of India's GDP, a substantial boost from the 4-5% observed in 2022.
Causing this explosive growth is a trio of powerful forces namely: the rising digital demand in tier 2+ cities, traditional businesses embracing the digital wave, transforming themselves into digital powerhouses and the phenomenal success of India Stack, a digital infrastructure initiative.
The growth in the digital economy is expected to make India an enticing investment hub, capturing the interest of visionaries in sectors such as SaaS, fintech, and both B2C and B2B e-commerce.