A report published by Boston Consulting Group states that India’s Internet economy is expected to reach Rs 10.8 trillion by 2016, as the country’s growth rate in this segment is far ahead of many of the developing nations.
As far as the G20 nations are concerned, the report states that the Internet economy in G20 nations will grow by more than 10 percent annually for the next four years, surpassing the size of the German economy at USD 4.2 trillion by 2016.
BCG Partner Arvind Subramanian said, “China and India stand out for their enormous Internet related exports — China in goods, India in services — which propel their Internet-economy rankings toward the top of the chart.”
According to the Boston Consulting Group, the proliferation of Web-enabled smartphones is expected to help a total of 3 billion people access the Internet by 2016. Online retail, banking, advertising, IT services and demand for Internet-related goods will thrive.
India’s Internet economy growth rate of 23 per cent places it as the second fastest across the G-20 and ahead of many other developing nations in the G-20, which are growing at an average of 17.8 per cent. Projected growth rates elsewhere are: 24.3 per cent in Argentina, 18.3 per cent (Russia) and 15.6 per cent (Mexico).
Interestingly, Internet has become so essential in everyday life that as many as 36 per cent of Indian online consumers said they would forgo showering for a year in order to keep Internet access, around 64 per cent said they would forgo chocolate; 63 per cent coffee; and 70 per cent would give up alcohol.