Data from the study highlights that Indian entrepreneurs are seeing double-digit growth in their impact on GDP and employment.
New Delhi: Global commerce giant Shopify has launched the Shopify Entrepreneurship Index, which highlights the significant growth and impact of Indian entrepreneurs on the country’s economy, the company announced in a press release.
The data reveals that the economy is driven by Indian entrepreneurs on Shopify with their contribution to the national GDP and employment opportunities. Entrepreneurs across India contribute ₹139 billion to the national GDP in 2022, an increase of 9.6% from 2021. They saw strong business growth in 2022, with Indian merchants on Shopify generating ₹301 billion in business activity, up 9.8% in 2022. .
Due to India’s digital transformation and technological advancements, the extraordinary growth of e-commerce can be seen in this index. Thus, it encourages entrepreneurs to enter the market to grow their business.
Entrepreneurial success in India has created over 2 lakh (223,920) jobs in 2022, a 10% increase over 2021.
According to data, India’s e-commerce market will grow from $71 billion in 2023 to $119 billion in 2027.
Due to the strong contribution of entrepreneurs to the country’s economy, India now ranks among the top 30 countries globally in the Shopify Entrepreneurship Index, which ranks countries based on the impact of entrepreneurs in Shopify’s ecosystem on their overall economy.
“This achievement underscores India’s growing e-commerce and retail environment, driven by a vast population and diverse markets that attract ambitious business entrepreneurs looking for new avenues of growth. As India continues its journey towards digitization and economic expansion, its ranking in the index reflects the country’s thriving digital landscape and an opportunity for forward-thinking entrepreneurs to build high-growth retail brands online,” said Bharti Balakrishnan. Head – India and South East Asia.
However, India needs to focus on investing in cross-border trade and export strategies as India sees a 1.5% decline in entrepreneurship exports in 2022 compared to last year.
The Shopify Entrepreneurship Index is a new study conducted by Deloitte that uses data from the millions of entrepreneurs in the Shopify ecosystem supplemented with IMF, OECD and World Bank data for the purposes of economic modeling.
The study includes the impact on GDP, business activity, jobs supported and exports created by Shopify entrepreneurs compared to national values for each country or state.