Economic Survey 2023 flags FTX collapse; highlights need for common approach to regulate
It also said that India’s e-commerce market is projected to post gains and grow at 18% annually through 2025, citing Global Payments Report by Worldpay FIS.
Read | Economic Survey 2023: measures to help startups flip back to being India domiciled
ETtech looks at some of the key highlights from the Survey for ecommerce and cryptocurrency:
■ Government’s push to boost the digital economy, growing internet penetration, rise in smartphone adoption, innovation in mobile technologies, and increased adoption of digital payments has accelerated the adoption and growth of e-commerce.
■ According to the Global Payments Report by Worldpay FIS, India’s e-commerce market is projected to post gains and grow at 18% annually through 2025.
Discover the stories of your interest
■ Fiscal support during the pandemic helped boost e-commerce penetration in rural areas.■ E-commerce industry focusing on local solutions to penetrate rural areas by strengthening the network of rural distributors and retailers and using local distribution centres as pick up-drop off points, enabling logistics companies to serve rural consumers.
■ As per the latest report ‘How India Shops Online 2022’ by Bain & Company, emerging categories – fashion, grocery, general merchandise – would shore up e-commerce growth in India and would capture nearly two-thirds of the Indian e-commerce market by 2027.
■ As per the Retail and E-commerce Trends report released by Unicommerce and Wazir Advisors, overall e-commerce order volume witnessed a growth of 69.4%% YoY in FY22, driven mainly by consumers from tier-II and tier-III cities in the last two years.
■ The Government E-Marketplace (GeM) has also witnessed tremendous growth in Gross Merchandise Value (GMV) and is catching up with E-commerce giants like Amazon and Flipkart. GeM attained an annual procurement of Rs 1 lakh crore within FY22, representing a 160% growth compared to last FY.
Recommendations for crypto industry
■ Recent collapse of the crypto exchange FTX and the ensuing sell-off in the crypto markets have placed a spotlight on the vulnerabilities in the crypto ecosystem.
■ The increasing importance of crypto exchanges, wallet providers and crypto conglomerates could force regulators to consider them as systemic financial market infrastructures.
■ The fact that cryptocurrencies are yet largely unregulated is a cause for concern globally.
■ Global standards on cryptocurrencies need to be comprehensive and consistent; regulatory responses must be based on standard taxonomies and reliable data to address contagion effects; and must be flexible enough to be adjusted in the future based on market developments and future international standards.
Read More: Economic Survey 2023 flags FTX collapse; highlights need for common approach to regulate
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.