Favorable market conditions and rapid internet adoption in India led to the creation of a vibrant e-commerce industry. However, it is also fundamentally changing the way business gets done. These shifts are significant because they directly impact India's 63 million MSMEs, who form the backbone of its economy.
Trade has shown resilience and made a swift post-covid recovery, with India already becoming the eighth largest e-commerce market globally. By 2026, e-commerce is expected to be a $200 billion market, and by 2034 India will surpass the US to become the second-largest market in the world.
As India's trade landscape develops it's essential for monopolies and duopolies to be discouraged and for an inclusive and equitable ecosystem to emerge. In this context, we need to focus on cultivating decentralized trade networks that bridge owned platforms and allow for interoperability.
Open trade is expected to be a catalyst for increasing competitiveness and accelerating the transformation of businesses across sectors. This solution room will explore the foundation and future of a pivotal UPI-like movement for trade in India.