The number of Internet users in India, now totalling more than 3.85 crore, indulged in commerce over the internet is likely to touch over five crore by the end of this fiscal, says a study.

The study, conducted by IT education company Globsyn Group, said the e-commerce market would go up to over Rs 2,300 crore (Rs 23 billion) in India by end of 2007-08. At present, it stands at Rs 1,180 crore (Rs 11.8 billion).

Globsyn Group, in association with Konnects, USA, launched India Konnects, the first of its kind professional and business networking portal in the country.

Company Chairman Bikram Dasgupta said at a programme launch in Kolkata on Tuesday that the active internet user-base in India comprised 2.3 crore, of which 9-10 per cent were active in social networking. This was was set to grow with the Internet users base growing exponently.

There were more than 2.8 crore social networkers globally that have seen a 50 per cent increase from 1.4 crore last year.

Konnects Inc CEO James T Crabbe said the Indian market was expanding in every arena of IT and ITES and has become a formidable global player in the field of internet users.