India’s Internet Growth Faster Than Major Economies

20 March 2012 18:00 - Florence Fullalove

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India’s Internet Growth Faster Than Major Economies

According to a report by The Boston Consulting Group (BCG) India’s Internet economy is expected to hit 10.8 trillion rupees by 2016, faster than most major economies worldwide and is expected to rank 5th in the world by 2016. In 2010, India’s Internet economy contributed 3.2 trillion rupees to the overall economy which accounts for 4.1% of the country’s GDP. India’s Internet economy growth rate of 23% is ranked second across the G20 and is significantly ahead many developing nations which have an average growth of 17.8%. The report showed that if the Internet was a sector, it would have been the 8th largest in India, larger than mining and utilities. In India, the Internet economy is driven by exports of IT services: net exports make up 59% of the Indian Internet economy, while consumption is only 20%.

David Bean, BCG senior partner and co author of the report said, “If it were a national economy it would rank in the world’s top five, behind only the US, China, India, and Japan, and ahead of Germany.” He added, “The Internet economy offers one of the world’s few unfettered growth stories. Policymakers often cite GDP growth rates of around 10% per year in the developing markets, but they look past similar, or even higher, rates close to home.”The study showed that in the next four years, the total size of the G20 Internet economy will be US$4.2 trillion, up from US$2.3 trillion in 2010.

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