India’s internet economy to hit $1 trillion by 2030, says report

India’s internet economy is projected to grow to $1 trillion by 2030 from $175 billion in 2022, according to a joint report ‘The e-Conomy of a Billion Connected Indians’ by Google, Temasek and Bain & Company, released Tuesday.

The report, based on surveys of consumers and investors, said that digital consumption is driving growth in key internet economy sectors, such as e-commerce, online travel, food delivery, and ride hailing.

By 2030, the internet economy’s contribution to India’s technology sector will grow to 62% from 48% in 2022. It will also account for 12-13% of India’s GDP, up from 4-5% in 2022, the report claimed.

It attributed the surge in internet economy to rising digital demand in tier 2+ cities, digitization of traditional businesses, and the success of India Stack.