“Indian Entrepreneurs on Shopify Drive Remarkable Economic Growth, Contributing to GDP and Job Creation”

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New Delhi: Shopify, a global commerce company, recently released the Shopify Entrepreneurship Index, showcasing the significant growth and influence of Indian entrepreneurs on the country’s economy. The data highlights their substantial contributions to the national GDP and employment opportunities, underscoring their pivotal role in driving economic prosperity.

In 2022, Indian entrepreneurs on Shopify made a noteworthy impact on the economy, contributing ₹139 billion to the national GDP. This marks a significant 9.6% increase from the previous year. Moreover, these entrepreneurs experienced robust business growth, with Indian merchants on Shopify generating ₹301 billion in business activity, reflecting a 9.8% increase in 2022.

The digital transformation and technological advancements in India have played a vital role in the remarkable growth of e-commerce, attracting a surge of entrepreneurs eager to expand their businesses. This trend has not only propelled economic growth but has also led to the creation of over 2 lakh (223,920) jobs in 2022 alone, representing a 10% increase compared to 2021.

According to the data, India’s e-commerce market is projected to grow from $71 billion in 2023 to $119 billion in 2027, further indicating the immense potential for entrepreneurial success in the country.

Thanks to the significant contributions of entrepreneurs to India’s economy, the country now ranks among the top 30 nations globally in the Shopify Entrepreneur Index. This index evaluates countries based on the impact of entrepreneurs in Shopify’s ecosystem on their overall economy.

Bharati Balakrishnan, Director and Country Head for India and South-East Asia, highlighted India’s flourishing e-commerce and retail ecosystem, driven by its vast population and diverse market. She emphasized that this achievement in the Shopify Entrepreneur Index reflects India’s thriving digital landscape and the opportunities it presents for ambitious entrepreneurs to build high-growth retail brands online.

However, India should focus on investing in cross-border commerce and export strategies to further enhance entrepreneurial success. The data reveals a 1.5% decline in exports for Indian entrepreneurs in 2022 compared to the previous year, with only 18% of Indian merchants currently engaged in cross-border online selling.

The Shopify Entrepreneurship Index, a comprehensive study conducted by Deloitte, utilizes data from millions of entrepreneurs in the Shopify ecosystem, supplemented by IMF, OECD, and World Bank data for economic modeling. The study assesses the impact of Shopify entrepreneurs on GDP, business activity, job creation, and exports in comparison to national values for each country or state.

In conclusion, Indian entrepreneurs leveraging Shopify’s platform are driving substantial economic growth in the country, making significant contributions to the GDP and job creation. With India’s digital landscape evolving and expanding, there are ample opportunities for forward-thinking entrepreneurs to establish and grow their online retail brands, further propelling the nation’s economic prosperity.