Indian e-com to grow 27% annually; RIL to dominate online grocery: Goldman

Online penetration of retail is expected to reach 10.7 per cent by 2024, versus 4.7 per cent in 2019

India's e-commerce business is expected to grow at a compound annual growth rate (CAGR) of 27 per cent to reach $99 billion by 2024, Goldman Sachs said projecting that Reliance Industries would capture half of the online grocery sales through its Facebook.

In a report titled 'Global Internet: e-commerce's steepening curve', Goldman Sachs said the Covid-19 pandemic has driven a doubling of penetration of e-commerce globally with categories such as consumer packaged goods driving as much as three years of penetration growth in three months.

"We forecast India e-commerce will reach $99 billion by 2024, growing at a 27 per