New Delhi: India's internet economy will reach $ 1 trillion by 2030, a collaborative report by Google, Temasek, and Bain & Company has estimated. The report, released on Tuesday, highlights the pivotal role played by the e-commerce sector in driving this exponential surge.

As per the report's estimates, India's internet economy ranged between USD 155-175 billion in 2022, laying a solid foundation for the anticipated meteoric rise. The growth trajectory will be primarily led by the business-to-consumer (B2C) e-commerce segment, followed closely by business-to-business (B2B) e-commerce, software-as-a-service (SaaS) providers, and online media, spearheaded by over-the-top (OTT) players.

Google India's Country Manager and Vice President Sanjay Gupta shared the report's insights, emphasizing the tremendous potential for growth. "India's internet economy is expected to grow six-fold to USD 1 trillion by 2030," Gupta stated. He further highlighted that digital transactions would predominantly dominate future consumer purchasing patterns.

Gupta also shed light on the significant role played by startups in driving digital innovation. However, he pointed out that post-pandemic, both small and medium enterprises (SMEs) and large corporations have also embraced digital technologies to enhance their competitiveness.

The report's projections demonstrate the astounding growth potential across various sectors. B2C e-commerce is expected to witness a remarkable five to six-fold growth, surging to USD 350-380 billion by 2030, compared to around USD 60-65 billion in 2022.

Similarly, B2B e-commerce is predicted to skyrocket by 13-14 times, reaching USD 105-120 billion from the current USD 8-9 billion in 2022. The SaaS segment is anticipated to witness an impressive five to six-fold surge, reaching USD 65-75 billion by 2030, compared to USD 12-13 billion in 2022.

Vishesh Shrivastav, Managing Director, Investments, at Temasek, expressed optimism about India's growing significance in global economic growth. He stated, "India is now a new hope for the growth of global GDP."

The report's findings paint a promising picture of India's internet economy, showcasing the country's immense potential to become a digital powerhouse. With e-commerce at the forefront, supported by thriving B2B transactions, dynamic SaaS solutions, and the rise of online media, India is poised to cement its position as a global digital leader. This transformative growth not only paves the way for economic prosperity but also opens up unprecedented opportunities for businesses, entrepreneurs, and consumers alike. /BI/