INTERNET SERVICES BIZ TO HIT $ 124 BILLION

India’s internet services sector, which is currently valued at $ 33.8 billion, has the potential to grow to $ 124 billion by 2022 if the sector gets supportive government policies, according to a report.

Industry body IAMAI, in the report, said that in business as usual scenario the sector will touch $ 76.4 billion.

However, for the sector to reach $ 124 billion, it will need better infrastructure for widespread connectivity, developed distribution network enabling better reach and connectivity to customers in tier II and III cities for e- commerce, adoption of digital and advanced technologies across the ecosystem and off- line sectors.

“Contrary to perceptions, the growth of the Internet Services sector has also opened up livelihood options for the country. The sector is generating a large number of job opportunities through direct as well as indirect means,” said the report.

The body said that the sector, which currently employs around 10 lakh employees, is estimated to create 12 million jobs by 2022. “With the proliferation of affordable internet connectivity, the number of internet users in the country is projected to increase 1.6x times from 481 million to reach 762 million in 2022. Along with increased availability of internet connectivity, the number of smartphone users in India too is estimated to grow at 1.75x times to reach 526 million in 2022,” it said.