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India's e-Commerce Sector May Grow to $16 Billion in Five Years

India's e-Commerce Sector May Grow to $16 Billion in Five Years

With the government supporting the drive to a digital economy, India’s volume of trade in the e-commerce sector will reach $16 billion  in the coming five years, Federal minister for law, electronics and IT Ravi Shankar Prasad, said.

Ravi Shankar Prasad
Ravi Shankar Prasad

The government on its part, has already started the practice of making payments such as wages and subsidies to beneficiaries digitally, reports DNA. People in the rural areas are also paid through direct bank deposits and not cash. Such practices have contributed to a savings of $6 billion  in the last year. The digital drive is being extended to postal services, with banks like CitiBank, Deutsche Bank, and Barclays working on setting up payment kiosks in post offices, Prasad added.

 

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