Indian millennials have the potential to become the largest disruptive force in the country for years to come, according to a research report by Morgan Stanley. And this trend, it said, is still in its nascent stages.
Morgan Stanley estimates India's millennial population (currently aged between 18-35) at 407 million in 2016, the largest in the world, to grow another 100 million by 2020. Out of this, around 80 million would be current millennials, who will be beyond that age bracket, but will be “millennials at heart but not by age”, the global financial major said.
“The group as a whole would be 36 percent of India's population. More importantly, it would form 61 percent of India's internet base and 78 percent of the online shopper base,” the report titled The Millennials Series - The Disruptive Wave in the World's Seventh Largest Economy.
Number Of New Internet Users Added Every Second In India Three
So what can this so-called disruptive population achieve? For starters, they could propel the overall 3G/4G penetration in the country from 17 percent in December 2016 to about 50 percent by 2020.
Morgan Stanley ReportWe estimate internet penetration was 38 percent in 2016, with 488 million internet users, and expect penetration to touch 60 percent by 2020, with 830 million users, 90 percent connected via smartphones. By then, we estimate China’s internet penetration at 64 percent, from 55 percent in 2016.