MARCHASIA BUSINESS OUTLOOK9been exacerbated by the ongoing disruption to the Indian economy, further reducing consumption, investment, and exports. Sanjana Kadyan, Deputy Director (Ministry of Finance) at the Government of India, stated that "prior to the pandemic, India had taken a string of measures to boost investment, including the introduction of the GST, the Insolvency and Bankruptcy Code, banking sector reforms, and the Make in India programme." But now in August 2021, the private equity - venture capital sector recorded investments totaling US$ 10.7 billion across 137 transactions, representing a 5x year-on-year increase with india economy gradually emerging from the shadow cast by the pandemic and showing signs of a steady recovery, pent-up demand will most likely sustain the growth momentum.Digital Transformation Towards a New IndiaThe current digital transformation of India is expected to accelerate the growth of e-commerce, changing the retail consumer market scene over the next decade. According to the report, "this is attracting leading global multinationals in technology and e-commerce to the Indian market." "By 2030, 1.1 billion Indians will have access to the internet, more than doubling the estimated 500 million internet users in 2020."The rapid development of e-commerce, as well as the transition to 4G and 5G smartphone technology, had provided benefits to the home-grown unicorns such as online e-commerce platform Mensa Brands, logistics start-up Delhivery, and the fast-growing online grocer BigBasket, whose e-sales have increased during the pandemic. Digital Transformation has helped India's GDP to rise from USD 2.7 trillion in 2021 to USD 8.4 trillion by 2030 .This rapid pace of economic development would result in the size of Indian GDP beyond Japanese GDP by 2030, making India the second-largest economy in the Asia-Pacific region."Road Towards Becoming Asia's Number OneIn the first quarter of FY22, India's actual gross value increased by 18.8 percent, regaining 92 percent of its pre-pandemic level (in the first quarter of FY20). The government's ongoing efforts to increase vaccination coverage among citizens are propelling the economic recovery forward, and the outlook for further reviving industrial activity is encouraging. However, a number of key growth drivers are supporting the long-term outlook of the Indian economy, and India is expected to remain one of the world's fastest-growing economies in the coming decade surpassing Japan , France and UK.
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