Indian internet industry could be worth US$5 trillion by 203023. March 2023
Despite some setbacks this year, the Indian internet industry could be worth US$5 trillion by 2030. This is according to a report by Redseer, quoted by the Economic Times. With around 780 million internet users, India is considered the second largest user in the world. As digital applications will continue to play an important role, product sales in the private and public sectors will rise to 5 trillion US dollars, according to market observers from Redseer Strategy Consultants. To this end, the study cites that on average, residents of India spend around 7.3 hours a day on their smartphones – one of the highest usage times in the world. Electronic components or finished electronic devices require BIS certification or TEC certification to import or market them in India.
This time is spent on messaging services, social media, YouTube streaming and short videos. Interestingly, but not surprisingly, most online users are in major cities or Indian megacities, the report said. A new trend in consumption behaviour points to twice as much time spent watching user-generated content instead of platform-generated content. The dramatic rise in digital consumption and penetration of digital services in Indian cities is the primary growth driver of Indian digital advertising. Due to increased consumption of short videos, the report expects a massive increase in investment in digital advertising instead of driving sales.
Regarding product certificaiton, depending on the product, a distinction is made between BIS-ISI or BIS-CRS certification. TEC is the abbreviation for Telecommunication Engineering Center. TEC is the competent authority in India when it comes to TEC certification for telecommunication products. From 1991 to 2019, TEC certification was still possible as a voluntary product registration, but now it is mandatory for many product groups. As the product list is constantly being expanded, we are pleased to help you with an initial assessment. MPR International GmbH – India Certification supports you with a pending BIS certification and is also available at any time to answer your questions.
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