India’s consumer digital economy to touch $800bn

India’s consumer digital economy, which was pegged at $85-90 billion in CY20, is required to turn into a $800 billion market by 2030, another report showed on Wednesday.

Online retail market in India alone is set to turn into the third-biggest online retail market by scale by 2030 with a yearly gross merchandize value (GMV) of $55 billion in CY21 and $350 billion in CY30, as per the report by market research firm RedSeer.

The digital economy incorporates 60% of movement, 40% of non-grocery retail, 30% of schooling, 25% of food and beverages services and 6 percent of pharma/grocery, RedSeer said during its leader occasion ‘Ground Zero 5.0’ went to by Niti Aayog CEO Amitabh Kant, T.V. Mohandas Pai, Chairman, Manipal Global Education Services and Sanjeev Bikhchandani, fellow benefactor, Info Edge.

“Today, more than 50% clients say they use online services as a result of accommodation. With Covid, digital services have without a doubt served the clients quite well. The next wave of entrepreneurs will create innovations which will make the Indian model successful internationally,” said Anil Kumar, founder and CEO of RedSeer.