India’s digital landscape shows potential to add US$ 900 billion by 2030, says Motilal Oswal’s report

According to a report by Motilal Oswal, India's digital landscape presents a substantial opportunity, with an estimated addition of US$ 900 billion by 2030. Currently valued at US$ 0.3 trillion, the digital sector accounts for approximately 8% of the nation's GDP, but this figure is projected to quadruple to US$ 1.2 trillion, representing 20% of GDP by 2030. The report highlights that while India's overall GDP is expected to grow by 1.7 times during this period, the digital sector will expand at a significantly faster rate, underscoring its increasing importance within the nation's economic framework.

India has already established itself as a global leader in digital adoption, with smartphone penetration reaching 72.3% and high-speed internet access at 52.4%. The widespread use of the Unified Payments Interface (UPI), currently penetrating around 25% of the population, has been a key driver of digital payments. Furthermore, the number of smartphone users has nearly doubled from 485.1 million in 2020 to 938.3 million in 2024. Data usage has also surged, with average monthly consumption per user increasing from 13.5 GB in 2020 to 24.1 GB by 2024. This robust growth in mobile connectivity, internet access, and data consumption paints a promising picture for India's digital future, indicating a vibrant expansion across various sectors of the digital economy.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.