India Economy and Digital India Snapshot

I’ve been interested in statistics that govern our economy, but have rarely found useful, accurate information summarized on one website. In my quest for the right information, I would have to traverse multiple sources, and often the data was inaccurate or dated. This inspired me to create this snapshot that I intend to update regularly.

India Economics Statistics …

GDP (nominal):

$3.5 trillion (Approx. Rs. 262 lakh crore). Ranked 6th in the world behind the USA, China, Japan, Germany, and the UK.

This measures the Gross Domestic Product or the gross output of the nation, keeping in mind current prices, and doesn’t account for inflation.

GDP (PPP):

$11.35 trillion (Approx. Rs. 851 lakh crore). Ranked 3rd in the world behind China, USA.

GDP using PPP (purchasing power parity). The “parity” here refers to what a basket of goods can be purchased for in different countries’ currencies and makes adjustments accordingly.

Gini Coefficient:

35.2 (0.35)

Indicator of income inequality. The lower the number, the better. In India’s case, the Gini is medium which is considered acceptable.

Per Capita Income (nominal):

$2314 (Approx. Rs. 174,500). Ranked 145th in the world.

The average income earned per income in a year. Because of the relatively high Gini coefficient, there is a skew in income levels.

Per Capita Income (PPP):

$8010 (Approx. Rs. 600,750). Ranked 122nd in the world.

Inflation (CPI):

6% (February 2022)

Refers to the increase in the price of goods and services in an economy. CPI (consumer price index) is a weighted average cost of a basket of products and services consumed by the average consumer.

10 Year G-Sec Yield:

6.85% (March 2022)

The yield of 10-Year Government securities is considered the benchmark for overall interest rates.

Forex Reserves:

$622 billion (Approx. Rs. 47 lakh crore)

Foreign exchange reserves are assets denominated in foreign currency (mostly in U.S. Dollars), held by the central bank or other monetary authority. Primarily available for the balance of payment or to influence the foreign exchange rate of its currency.

NSE Market Capitalization:

$3.4 trillion (Approx. Rs. 255 lakh crore). Ranked 10th in the world.

NYSE (US) is ranked 1st with a market cap of $27 trillion; NASDAQ (US) is ranked 2nd with a market cap of $24 trillion and Shanghai Stock Exchange (China) is ranked 3rd with a market cap of $7.5 trillion.

The aggregate valuation of all stocks listed on the National Stock Exchange.

BSE Market Capitalization:

$3.6 trillion (Approx. Rs. 270 lakh crore). Ranked 9th in the world.

The aggregate valuation of all stocks listed on the Bombay Stock Exchange.

Market Cap to GDP:

116%

Yardstick to measure if the market is overvalued/undervalued. For instance, considering the long-time average of 79%, it is currently over-valued. This could signal that a correction is imminent.

% of Household Financial Assets in Equities:

5%. The average is 30% for emerging markets, 13% for China, 50% for the US

The Indian household’s participation in the stock market is minuscule compared to other markets. Lack of education and low trust are some of the reasons for this low participation. The good news is that there is tremendous headroom for growth. Even with such low participation, the market capitalization of the Indian exchanges is ranked among the Top 10 in the world.

NSE Nifty 50/BSE Sensex - Historical Return:

10% (10 Years CAGR)

14% (5 Years CAGR)

68% (1 Year CAGR)

Rolling return of the Nifty, BSE Sensex based on CAGR (compounded annual growth rate). In the short term (<3 years), the results are volatile. It is recommended to stay invested for a longer duration (>5 years) to reap the benefits of the stock market.

Digital India Statistics …

India has made tremendous progress in the new-age economy, close on the heels of superpowers like China and the US. The Digital India initiatives will be the propellant, and booster as we surge to become one of the Top 3 economies in the world.

The stats mentioned in this section are barometers of progress in the digital era …

Number of Mobile Phone Numbers in Use:

1.5 billion (152 crores). Ranked 2nd in the world (China is 1st in this list; Indonesia, USA, Brazil are ranked 3rd, 4th and 5th respectively).

This number has surged over the years and has been the fundamental driver of Digital India’s progress. Many Digital India initiatives wouldn’t have been possible without a mobile phone in the hands of every Indian.

Average Mobile Connection Per User:

1.1

Though this number is a reason to celebrate, keep in mind that some numbers are also employed by machines and IoT devices (e.g., intrusion detection systems, home automation, modems, industrial devices, etc.)

Number of Smartphone Users:

750 million (75 crores). 54% penetration.

Android Phones: 96.18% (-1.3% Y-o-Y)

Apple Phones: 3.82% (40% Y-o-Y)

Apple has been making headways with an impressive 40% growth, year-on-year. However, in terms of absolute numbers (Apple), the numbers are small.

Number of Internet Users:

830 million (83 crores). 61.6% penetration.

India is ranked 2nd in the world.

China has the highest number with over 1 billion internet users.

US (312 million), Indonesia (212 million), and Brazil (160 million) are 3rd, 4th, and 5th respectively.

The number of internet users has surged drastically over the years, and this opens up all kinds of opportunities. The rise in internet use has given rise to the many unicorns that are household names.

% of Mobile vs Desktop Internet Users:

78% (Mobile) vs 22% (Desktop)

Worldwide, the average is 55% (Mobile) vs 45% (Desktop).

For the US it is 49% (Mobile) vs 51% (Desktop).

For China it is 66% (Mobile) vs 34% (Desktop)

For India, the disparity between desktop and mobile internet usage is high, compared with the rest of the world. In the case of the US, like in many developed countries, there are more desktop internet users.

Average Download Speed:

Mobile Download Speed: 14.18 Mbps (ranked 115th in the world)

The global average is 29.91 Mbps

Fixed Broadband Download Speed: 48.14 Mbps (ranked 70th in the world).

The global average is 60.76 Mbps

The download speed has improved over the years but is not adequate. India has lagged in the rankings and has a lot of catching up to do.

Volume of UPI Transactions (FY 2021-22):

5.4 billion transactions per month (541 crores)

UPI (Unified Payments Interface), developed by NPCI (National Payments Corporation of India), is a peer-to-peer, bank agnostic system that lets you transfer or receive funds in real-time. UPI was launched in 2016 but has grown to surpass all expectations.

Value of UPI Transactions (Feb 2022):

$110 billion (Rs. 826,843 crores)

These are whopping numbers. In FY22, for the first time, the value of UPI transactions crossed $1 trillion!

Average UPI Transaction Per User (per month):

$23.72 (Rs. 1779)

Number of Banks Live on UPI:

313

The number of participating banks has swelled over the years, and this is also a big part of the success of UPI.

UPI Transactions by Volume (Feb 2022):

P2P – Peer to Peer - (58%)

2.63 billion transactions (263 crores).

Rs. 0 to 500 – 1.53 billion transactions – 59%

Rs. 501 to 2000 – 0.52 billion transactions – 20%

Rs. 2001 and above – 0.57 billion transactions – 21%

P2M – Peer to Merchant - (42%)

1.89 billion transactions (189 crores).

Rs. 0 to 500 – 1.49 billion transactions – 78%

Rs. 501 to 2000 – 0.27 billion transactions – 15%

Rs. 2001 and above – 0.12 billion transactions – 7%

UPI Transactions by Value (Feb 2022):

P2P – Peer to Peer - (58%)

Total $88.5 billion (Rs. 663,842 crores).

Rs. 0 to 500 – $3.1 billion (Rs. 23,330 crores) – 3%

Rs. 501 to 2000 – $8.4 billion (Rs. 63,156 crores) – 10%

Rs. 2001 and above – $77.11 billion (Rs. 578,356 crores) – 87%

P2M – Peer to Merchant - (42%)

Total $21.7 billion (Rs. 163,000).

Rs. 0 to 500 – $2.8 billion (Rs. 21,585 crores) – 13%

Rs. 501 to 2000 – $3.7 billion (Rs. 27,763 crores) – 17%

Rs. 2001 and above – $15 billion (Rs. 113,653 crores) – 70%

Top 3rd Party UPI Apps: (Feb 2022)

Google Pay

Total Volume: 1.5 billion transactions

Total Value: $38.8 billion (Rs. 291,273 crores)

PhonePe

Total Volume: 2.1 billion transactions

Total Value: $54.3 billion (Rs. 407,640 crores)

PayTM

Total Volume: 0.7 billion transactions

Total Value: $11.5 billion (Rs. 86,299 crores)

The market continues to be dominated by PhonePe, Google Pay, and PayTM. Cred is catching up to the race, followed by WhatsApp.

RuPay Card (FY 2021-22):

Usage at POS (Point of Sale)

Total Volume: 763 million transactions

Total Value: $17.93 billion (Rs. 134,500 crores)

Usage at eCommerce

Total Volume: 0.62 billion transactions

Total Value: $11.96 billion (Rs. 89,700 crores)

Short for “Rupee” and “Payment”, RuPay is the global card payment network of India with wide acceptance across ATMs, POS devices, e-commerce websites, etc. It is India’s answer to an international payment network, and hence in competition with Visa and Mastercard. What makes RuPay stand out from the others is the very low transaction, clearing, and processing cost—compared to international players.

BBPS (Bill Payment passing through BBPCU): (FY 2021-22):

Total Volume: 0.59 billion transactions

Total Value: $13.6 billion (Rs. 102,500 crores)

Bharat Bill Payment System is a bill payment system that offers integrated, interoperable bill payment services through a network of registered members. BBPS provides multiple payment modes along with instant confirmation of payment.

AEPS (Inter Bank) transaction over Micro ATM (e.g. Cash withdrawal/ Cash Deposit):

Total Volume: 1.03 billion transactions

Total Value: $36.9 billion (Rs. 277,300 crores)

AePS is a bank-led model that allows online interoperable, financial inclusion, transaction at PoS (MicroATM) of any bank using Aadhaar authentication. AePS allows you to do six types of transactions, i.e., cash deposit, cash withdrawal, intrabank or interbank fund transfer, balance enquiry, and obtain a mini statement.