Digitalization and the use of tech has not only been transforming the world but have largely impacted India as well. As mentioned in 3One4 Capital’s latest report, India- A Startups Nation, India will have over 1.3 billion internet users by the year 2030, with the internet penetration in India currently being 61 percent, and there will be a 44 percent increase in internet users from the year 2022 to 2030.
Along with this, the cost of per GB internet data is in India is US$ 0.68, and the average time spent using the mobile phone per day per user is 4.7 hours. More than 305 million people are doing online transactions in India, showcasing the increasing popularity of digital currency. As on November 2022, the total volume of UPI transactions is more than US$ 138 billion, with the total value of UPI transactions as on November 2022 being US$ 2.8 trillion, and the reach of the internet is not restricted to urban areas only, with the estimated number of rural internet users as of 2022 being more than 373 million.
Recent data show that internet use in India is on a high growth trajectory, with the cost of data being one of the lowest in the world, and a rapid increase in wireless broadband subscribers has been witnessed in the country, and the data usage has increased subsequently as well, as every second person in India has internet.
Now, with ‘India internet’ on a high growth trajectory, the question which arises is that how India is faring against emerging and developed nations. As per data, India also shows high appetite for digital consumption across verticals, as can be seen below.
Furthermore, along with the fact that India now accounts for 11.6 percent of the global app downloads, ecommerce penetration in India is expected to be faster than developed nations such as the USA. This increased app usage in India is contributing to significant opportunities for internet companies, which is resulting into a consumer led digital leap in the country.
