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March 21, 2012, 4:51 am UTC
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, says a report by Boston Consulting Group.
The Indian Internet economy contributed Rs 3.2 trillion to the overall economy in 2010, representing 4.1 per cent of GDP, and is projected to rise to Rs 10.8 trillion by 2016, according to a report in the Boston Consulting Group’s Connected World series.
The report covered 9,710 internet users in 13 countries and used the loss aversion approach to measure the value of the Internet to consumers.
“Consumption is the principal driver of internet GDP in most countries, typically representing more than 50 per cent of the total in 2010. It will remain the largest single driver through 2016. 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,” said Arvind Subramanian, a Mumbai-based BCG partner.
In the next four years, the total size of the G-20 Internet economy will be $4.2 trillion, up from $2.3 trillion in 2010. The report also states that if the internet were a sector, it would be the eighth largest in India.
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.
“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,” BCG Partner, Mr Arvind Subramanian said.
It is driven especially by exports of information technology services — net exports make up 59 per cent of the Indian Internet economy, while consumption is only 20 per cent.
Rajan Anandan, VP - Sales and Operations & Managing Director, Google India, said, "India is seeing one of the fastest rates of Internet adoption across the globe. We see emerging opportunities for innovation in areas like mobile, e-commerce and cloud."
The BCG report also revealed that “High web” companies in India ones that use the Internet for marketing, sales and interactions with customers and suppliers grew their revenues 19 per cent over the past three years, compared to only 13 per cent for those who made low or no use of the Internet.
"Around the world SMEs which embrace the Internet are growing faster and adding more jobs than those that don't. By encouraging businesses to adopt the Internet, countries can improve their competitiveness and growth prospects," said David Dean, BCG Senior Partner and co-author of the report.
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