First News
Volume:7, Number:41
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Business & Finance 3
THIS WEEK

India’s Internet Economy to Double to USD250 Billion by 2020

According to a report titled “The USD250 billion digital volcano” put out by the US-headquartered Boston Consulting Group and The Indus Entrepreneurs (TIE), India’s Internet economy will double to USD250 billion by 2020. India already has 391 million Internet users and that number is expected to surge to 690 million by 2020, comparable to what China has at present. India has already crossed the number of Internet users the US has, and according to Mary Meeker’s 2016 report, showed India as the silver lining in global Internet growth. According to the BCG-TIE, high-speed mobile Internet will be adoption by 550 million users by 2020, which is almost 85 percent of the total mobile Internet users. Internet’s contribution to the country’s gross domestic product is also set to grow from 5 percent to 7.5 percent. However, the report said that India continues to lag behind in Internet usage compared to developed countries, despite a fourfold rise in smartphone penetration.

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