India's Internet economy set to explode

A new study says that India's Internet economy could triple in 4 years at its current growth rate of 23 percent - higher than many countries.

India's Internet economy is expected to hit 10.8 trillion rupees (US$216 billion) by 2016, faster than major economies worldwide and is expected to rank fifth worldwide by 2016, a report by Boston Consulting Group (BCG) reveals.

According to the consulting firm's research, the India Internet economy contributed to 3.2 trillion rupees (US$64 billion) to the overall economy in 2010--4.1 percent of the country's GDP--and could more than triple in four years' time. India's Internet economy growth is ahead of many developing nations, which are growing at an average of 17.8 percent.

India, along with Argentina will grow the fastest at 24 percent and 23 percent respectively, while leading developed markets Italy and the U.K. will grow approximately 12 percent and 11 percent per year respectively.

For more on this story, read India's Internet growth faster than major economies on ZDNet Asia.