According to Rajeev Chandrashekhar, the Minister of State for IT and Electronics, India is poised to have a staggering 1.2 billion internet users by 2026, solidifying its position as the global leader in terms of internet users. Currently, India already boasts around 800 million internet users.
Rajeev Chandrashekhar made these insightful remarks during an industry event organized by the Broadband India Forum (BIF). He also highlighted the government’s efforts, such as the Unified Payments Interface (UPI), which are expediting the digitization of public services in the post-COVID-19 era.
Rajeev Chandrashekhar went on to state that the digital economy in India is expected to soar to a remarkable $1 trillion by 2026, making up around 20% of the country’s overall GDP. This is a significant leap from the mere 4% contribution it made back in 2014.
Rajeev Chandrashekhar underlined the fact that various domains within the digital realm, ranging from electronics manufacturing and semiconductor design to blockchain, AI, quantum computing, and consumer internet, have deeply established their presence in India.
Aruna Sundararajan, Chairman of BIF and former Secretary of the Department of Telecommunications (DOT), applauded the government’s endeavors and highlighted India’s transition from being predominantly a software exporter to emerging as a hardware exporter, thanks to concerted efforts. Sundararajan also predicted that India’s smartphone penetration is poised to reach a staggering 1 billion in the near future, further solidifying the country’s digital prowess.
A joint study conducted by BIF and the Indian Council for Research on International Economic Relations (ICRIER) shed light on the extraordinary potential of the Indian app market. It revealed that Indian consumers are projected to spend an astonishing $800 billion on apps by 2030.
Adding to this, Rekha Jain, Senior Visiting Professor at ICRIER, emphasized that app spending is expected to account for approximately 12% of India’s GDP, which is estimated to reach around $6.6 trillion. These figures demonstrate the significant role that apps will play in shaping India’s digital landscape and overall economic growth.
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