MSMEs, start-ups to drive India’s internet economy to $1 trn by 2030

New Delhi, June 7 (KNN) India’s internet economy is expected to touch USD 1 trillion by 2030 powered by structural shifts in consumption potential which are opening up a vast opportunity for start-ups, large businesses and MSMEs, said a report on Tuesday.

According to a joint stud by Google, Temasek and Bain & Company this goal is likely to be achieved because of the continued shift in consumer and merchant behaviour, matched with strong investor confidence.

Digital services are fast becoming integral to India’s 700M+ internet users, which includes 350 million digital payment users and 220 million online shoppers.  

The growth will be led by the B2C (business-to-consumer) e-commerce segment, followed by B2B (business-to-business) e-commerce, software-as-a-service providers and online media led by over-the-top players.

“Structural shifts in consumption potential are opening up a vast opportunity for start-ups, large businesses and MSMEs to power India’s internet economy towards a projected growth of 6x, reaching a trillion dollars by 2030,” said Sanjay Gupta, ountry Manager & VP, Google India. 

The report also noted that the India Stack has been fundamental to making public goods and services accessible to citizens and businesses via digital platforms. 

Services such as Aadhaar, United Payments Interface (UPI) and Digilocker have been instrumental to unlocking the expansion of the country’s internet economy. 

“This has set the stage for disruptive open networks like the Open Network for Digital Commerce (ONDC), Open Credit Enablement Network (OCEN) and Unified Health Interface (UHI) that have opened new opportunities for existing and new sectors as they await the inflection point,” reads the report.   (KNN Bureau)