Summary:
According to a Motilal Oswal analysis, India's digital ecosystem has considerable potential, with an additional $900 billion expected by 2030. Currently valued at $0.3 trillion, the digital industry accounts for around 8% of GDP but is predicted to triple to $1.2 trillion, representing 20% of GDP. While India's overall GDP is expected to rise by 1.7 times, the digital sector will develop even faster, emphasizing its essential economic importance.
India leads the world in digital adoption, with 72.3% of its population owning a smartphone and 52.4% having high-speed internet access. The Unified Payments Interface (UPI) currently serves about 25% of the population, promoting digital payments. Smartphone users have increased from 485.1 million in 2020 to 938.3 million by 2024. Furthermore, monthly data usage has risen from 13.5 GB in 2020 to 24.1 GB in 2024, indicating strong growth in the digital economy.
Source: IBEF
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