Land of consumers
India will be amongst the top 3 consumer economies
Economy
India will be amongst the top 3 consumer economies
India lost to Britain as it became 6th biggest economy. COVID-19 caused the economy to slow down and contract. Flipkart’s CEO predicts that India’s consumption economy will be world’s 3rd largest by 2030.
As per Flipkart Group CEO Kalyan Krishnamurthy COVID-19 has helped Indian e-commerce industry along with the small-informal retail. He predicted that India’s retail alone will be worth $1trillion in the next 3–4 years.
As per Business Standard: Krishnamurthy said India’s e-commerce journey has democratized shopping. In 2006, less than 3 per cent of people were shopping online. In 2019, about half of the population (about 500 million) was online and more than 10 per cent were shopping online. He said now close to 100 per cent pin codes in the country has seen the adoption of e-commerce.
Only 3.5% of Indian commerce is online. 25% of commerce in China is online. More than 10% of commerce is online in the Western countries such as USA. Middle income groups, using vernacular languages and voice will fuel the growth.