{"id":247686,"date":"2023-06-13T19:34:16","date_gmt":"2023-06-13T14:04:16","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=247686"},"modified":"2023-06-13T19:34:16","modified_gmt":"2023-06-13T14:04:16","slug":"about-indias-internet-economy-growth-driver-expanding-internet-economy-will-increase-opportunities","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/about-indias-internet-economy-growth-driver-expanding-internet-economy-will-increase-opportunities\/","title":{"rendered":"About India’s Internet economy: Growth driver – Expanding internet economy will increase opportunities"},"content":{"rendered":"\n

Source:\u00a0<\/b>The post is based on the article\u00a0\u201cGrowth driver – Expanding internet economy will increase opportunities\u201d<\/b> published in the Business Standard <\/b>on\u00a013th <\/strong>June\u00a0<\/b>2023<\/b><\/p>\n

Syllabus:<\/strong> GS 3 \u2013 changes in industrial policy and their effects on industrial growth.<\/p>\n

Relevance<\/strong>: About the report on India’s Internet economy.<\/p>\n

News<\/strong>: A research report titled \u201ce-Conomy\u201d makes startling projections about India\u2019s internet economy.<\/p>\n

What is the Internet economy?<\/h2>\n\n\n\n
Must read: Digital or Internet Economy<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

About the e-Conomy report<\/h2>\n\n\n\n
Must read: \u2018Internet economy to hit $1 trillion by 2030\u2019<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

-The report also estimates per capita income will rise from $2,500 (2022) to $5,500 (2030). Thereby doubling consumption.<\/p>\n

-Per capita income in Tier-II cities and rural households (referred to as TII+) will grow 430% between 2019 and 2030.<\/p>\n

– Business-to-consumer, or B2C, e-commerce will contribute about a third of the online economy\u2019s value by 2030.<\/p>\n

What are the key takeaways from the report on India’s Internet economy?<\/h2>\n

a)<\/strong> Enablers like the Aadhaar, the Unified Payments Interface (UPI), and Digilocker have laid the foundations for the Open Network for Digital Commerce (ONDC), Open Credit Enablement Network (OCEN), Unified Health Interface and the rapid development of the India Stack, or rather stacks, b)<\/strong> The willingness of TII+ residents to engage digitally provide more opportunity for high growth, c)<\/strong> Software as a service is expected to be a big export-growth area. For example, India is already looking to set up RuPay and UPI-style networks abroad. Six nations are already using the India Stack, and many more have expressed their interest in it, d)<\/strong> Multiple Indian unicorns (108 by the e-Conomy report\u2019s count) and many of the recognised start-ups could leverage their domestic experience to make a mark overseas, e)<\/strong> The report shows the amount of trust consumers placed in local non-celebrity influencers. As their trust has led to a shift in marketing spend, giving India\u2019s 80 million-plus content creators new revenue streams.<\/p>\n

What India should do to leverage India’s Internet economy further?<\/h2>\n

The emergence of India’s Internet economy will also coincide with the emergence of unique imperatives across trust, security and responsibility. To combat these, collaborative efforts from India\u2019s policymakers and the private sector is necessary. Further, the government should create policies that will be supportive for the Internet economy,<\/p>\n","protected":false},"excerpt":{"rendered":"

Source:\u00a0The post is based on the article\u00a0\u201cGrowth driver – Expanding internet economy will increase opportunities\u201d published in the Business Standard on\u00a013th June\u00a02023 Syllabus: GS 3 \u2013 changes in industrial policy and their effects on industrial growth. Relevance: About the report on India’s Internet economy. News: A research report titled \u201ce-Conomy\u201d makes startling projections about India\u2019s… Continue reading About India’s Internet economy: Growth driver – Expanding internet economy will increase opportunities<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,216],"class_list":["post-247686","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-3","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700805152,"cached_date":1704104761},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/247686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=247686"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/247686\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=247686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=247686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=247686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}