Summary:

Digital commerce in India is projected to reach Rs. 27,38,240 - 29,09,380 crore (US$ 320-340 billion) by 2030, up from Rs. 5,13,420 - 5,98,990 crore (US$ 60-70 billion) in 2022. The Open Network for Digital Commerce (ONDC) is a major driver of this growth. Fashion, electronics, groceries, and services are expected to experience significant growth. Fashion is anticipated to rise to Rs. 6,84,560 - 7,01,674 crore (US$ 80-82 billion), while the grocery market is set to grow 11-fold to Rs. 4,27,850 crore.

A thriving digital economy is fueling growth, with India surpassing one billion smartphones in 2024 and internet users projected to exceed 900 million by 2025. With a population of 1.4 billion, India is currently the world's most populous country. Average spending power has increased from Rs. 23,188 (US$ 271) in 2012 to Rs. 60,324 (US$ 705) in 2023. However, 95% of consumers have assets worth less than Rs. 1,71,132 (US$ 2,000), limiting their purchasing power.

Source: IBEF

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