The next 400 million internet users will come from Tier II and smaller cities, and it is expected that by 2022 these cities will constitute over 56 per cent of India’s e-commerce market.
The number of internet-connected devices in India today exceeds its population. A recent report by Cisco states that while India’s population is estimated to touch 1.42 billion by 2023, we already use over 1.5 billion connected devices. The same report also indicates that India’s internet users are expected to cross 900 million by 2023, with connected devices touching 2.1 billion by then. Critical to achieving India’s $5 trillion economy dream, digital connectivity is growing rapidly driven by the government’s BharatNet initiative, lower telecom prices, and a boom in smartphone adoption. As digital connectivity rises, it is boosting three important parameters in India:
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- Inclusivity, wherein social benefits are being delivered directly in the hands of billions of people
- Empowerment, whereby we’re seeing a rise in grassroots innovation, local businesses, women entrepreneurs and social entrepreneurship
- Economic growth through digitisation of traditional sectors, the emergence of new, digital-first business models, and the rise of a whole new market of digital consumers
Source: Financial Express
