The journey toward a digital India has been a fitful one but in the last few years rapid growth in internet penetration, rising private and public investment in digital technologies, and enthusiastic adoption by Indian consumers has made the country a global force in the worldwide digital revolution.
In the last four years alone the country has added an astonishing 420 million internet connections, that's more than 50% of the 750 million total connections. To put it in an even starker context, in the last 3 years alone India has added more internet users than the entire active user base in the USA. This rapid growth has been powered by the world's fastest-growing smartphone market and a nationwide rollout of 4G networks.
As a result, India is one of the world's highest growth e-commerce markets, expanding from less than $1bn in 2010 to more than $30bn in 2019 and projected to reach over $100bn by 2024. And the rise of e-commerce is not restricted to the consumer internet. The Government of India's e-marketplace GeM is targeting $100bn in transactions in the next 5 years, up from $3.5bn last year as it transforms government procurement.
What is more, all of this was before COVID.