India: Digital classifieds industry to reach US$ 1.2 billion by 2020

The Indian digital classifieds industry is expected to grow three-fold to reach US$ 1.2 billion by 2020, driven by growth in horizontal classifieds like online services, real estate and automobiles. The recently released report from Google India and KPMG further said that the next phase of growth in digital classifieds will be driven by horizontal classifieds such as online services, real estate and automobiles. In addition, the report also outlined that online jobs market is expected to double by 2020 with 63 per cent consumers accessing jobs listed on digital classifieds. Bengaluru, Mumbai, Delhi and Hyderabad are the top Indian cities for online job searches.

In another significant development, the United Planters’ Association of Southern India (UPASI) and China Tea Marketing Association (CTMA) have recently signed a Memorandum of Understanding (MoU) to promote sustainable tea production and consumption. It is important to note here that this MoU is the first step towards greater regional cooperation between Indian and Chinese tea industries, which produce and consume the highest volume of tea in the world. According to the terms of the MoU, both parties will support each other in technological innovation with the aim of expanding the worldwide consumer base for high-quality tea.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.