Online portals to accelerate India’s GDP
The impact of the internet on society and business is enormous. Nearly, everything today is online. The influence is growing and is practically being seen in every sphere of business and human existence. The internet today alone is contributing to India’s Gross Domestic Product (GDP). According to a recent report, the internet has the potential to contribute $100 billion to India’s GDP by 2016. Back in 2011, the growth was nearly 30 billion. We have come a long way since then and have grown immensely.
When we talk about the growth of the internet today, the two major factors that have led to this unprecedented growth is the growth in e-commerce and online B2B portals. The growth is driven by rapid technology adoption by the people. People today have become more tech-savvy and are increasingly using devices such as smartphones and tablets. The access to internet has also become easier. Internet service providers are offering multiple internet options such as broadband, 3G and 4G which makes consumers access their favourite online business portals. Technology and the internet have got together to increase the online consumer base.
In India, the growth is mainly seen by the home grown players such as Flipkart and Snapdeal. These two companies have displayed immense potential in the Indian e-commerce market. With the entry of e-commerce giant such as Amazon and online business portal such as Alibaba, the competition has further intensified. Both these international players have the potential and patience to drive the Indian e-commerce market and accelerate the GDP.
Indian online B2B portals realise this and are aiming to focus on expanding their sellers and variety of their platforms. They are also working on providing seamless and rapid services in order to compete with the international entities.
In the New Year, the competition is expected to continue as online platforms are trying all ways to attract customers and increase the online traffic.
At present, India’s information and communication technology is the most significant component of the internet’s impact on the GDP. The job opportunities have also increased tremendously with the growth in the GDP. Most online B2B portals and e-commerce websites rely on logistics especially the ones the county heavily on courier companies. Other sectors where job opportunities are increasing are banking, manufacturing, healthcare and IT.
Due to the current contribution of the internet to India’s GDP, the country is in line with most aspiring countries for growth and development. Over the next few years, the growth momentum will continue to grow at a steady pace and is sure to accelerate.