Indian e-commerce market is heading on growth path: Infosys co-founder

The Dollar Business Bureau 

Already on a growth trajectory, India’s e-commerce industry is heading in the right direction, Infosys co-founder Kris Gopalakrishnan said on Sunday.

"With GDP hitting 7.5% and possibly 10% in sometime, India is the best market for e-commerce growth. The increased mobile penetration will also help the industry grow," said Gopalakrishnan.

India was a high growth market for e-commerce business, thanks to its 1.2 billion people as consumers, the software major's former chief executive said with increasing per capita income ($2,000), their aspirations too increased, Gopalakrishnan noted. 

As the Indian economy is expected to double in the next decade, the e-commerce industry will also expand substantially. 

He was speaking in a panel discussion, organised by Hurun Report, published by Luxembourg-born Rupert Hoogewerf, who has been ranking the wealthiest in China under its 'China Rich List'. 

Hurun presented Gopalakrishnan the 'Most Respected Entrepreneurs 2016' award for his contribution to technology, start-ups, small and medium enterprises (SMEs) and philanthropy.

"By studying the country's top entrepreneurs, promoters can gain insight into what makes a business successful. Some of them were able to turn a failing company around, while others incubated a start-up from an idea," observed Hoogewerf. 

Leading jewellery manufacturer and exporter Rajesh Exports joined Fortune 500 companies on the basis of following backward integration.

Chinese entrepreneur Alex Tang said he is planning to set foot into the Indian market. "Indian cities have an international appeal and India is regarded as one of the biggest potential markets. We will soon have a space business here," he declared.