India’s consumption economy will be third-largest by 2030: Flipkart CEO
India’s consumption economy will be the third-largest globally by 2030, and it would scale to about $5 trillion, said Kalyan Krishnamurthy, chief executive officer at e-commerce giant Flipkart Group. He expects that 75 per cent of this consumption will be led by the middle-income segment.
“The estimated size of the retail commerce economy in India will be more than $1 trillion in the next 3-4 years,” said Krishnamurthy, at Resurgence TiEcon Delhi – NCR event.
In this context, 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.