The data in the study highlights that Indian entrepreneurs see double-digit growth in their impact on GDP and employment
New Delhi: Shopify, a global commerce company, the Shopify Entrepreneurship Index highlighting the remarkable 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 being driven by the Indian entrepreneurs on Shopify with their contribution to national GDP and employment opportunities. Entrepreneurs across India contributed ₹139 billion to the national GDP in 2022, an increase of 9.6% from 2021. They also saw strong business growth in 2022, with Indian merchants on Shopify generating ₹301 billion in business activity, up from 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, prompting an influx of entrepreneurs entering the market to grow their businesses.
The entrepreneurial success in India has also created over 2 lahks (223,920) jobs in 2022, which is a 10% increase in 2021.
According to the data, India’s ecommerce market will grow from $71 billion in 2023 to $119 billion in 2027.
Due to the strong contribution of entrepreneurs to the nation’s economy, India is now ranked in the top 30 countries globally in the Shopify Entrepreneur Index which ranks countries based on the impact of entrepreneurs in Shopify’s ecosystem on their overall economy.
“This achievement underscores India’s flourishing e-commerce and retail ecosystem, driven by a vast population and diverse market, which attracts ambitious commerce entrepreneurs seeking new avenues of growth. As India continues its journey towards digitalisation and economic expansion, its ranking on the Index is a testament to the country’s thriving digital landscape and the opportunity for forward-thinking entrepreneurs to build high-growth retail brands online,” said Bharati Balakrishnan, director and country head – India and South-East Asia.
However, India needs to focus on investing in cross-border commerce and export strategies as entrepreneurs in India saw a 1.5% decline in exports in 2022 compared to the previous year with just 18% of Indian merchants now selling cross-border online.
The Shopify Entrepreneurship Index is a new study conducted by Deloitte using data on the millions of entrepreneurs in the Shopify ecosystem and supplemented with IMF, OECD, and World Bank data for the purposes of economic modelling.
The study covers GDP impact, business activity, jobs supported, and exports generated by Shopify entrepreneurs compared with the national values of each country or state.
