 "ecommerce export, exports")
It will be a framework for e-commerce export hubs and regulatory ecosystem These hubs will come up near airports, and ports | Photo: Shutterstock.com
A regulatory framework to push the country’s exports through e-commerce medium is expected to be ready by September, a top government official said on Tuesday.
Commerce Secretary Sunil Barthwal said that at present India’s exports through this medium are only about $ 5 billion as compared to China’s $ 300 billion, annually.
He said there is a huge potential to boost these exports. In this regard, a meeting was held in the ministry on Tuesday with concerned departments such as revenue and industry representatives from areas like logistics and marketplace platforms.
“We are working on setting up e-commerce export hubs in the country. We discussed on its framework. It is in our 100-day agenda,” Barthwal told reporters here.
When asked about the timeline for the framework to be ready, he said by September.
There is a potential to take it to $ 50-100 billion in the coming years.
Through these hubs, small producers will be facilitated to sell to aggregators and then that aggregator will find markets and sell.
“It will be a framework for e-commerce export hubs and regulatory ecosystem These hubs will come up near airports, and ports,” he said.
Export products which hold huge potential include jewellery, apparel, handicrafts and ODOP (one district one product) goods.
He added that the industry is not seeking any financial assistance and just needs a good regulatory ecosystem like taxation and how returned goods will be treated.
The commerce ministry’s arm DGFT is working with the RBI and concerned ministries, including the finance ministry, on several steps to promote exports through e-commerce medium as huge export opportunities are there in the sector.
In such hubs, export clearances can be facilitated. Besides, it can also have warehousing facilities, customs clearance, returns processing, labelling, testing and repackaging.
Federation of Indian Export Organisations Director Genera Ajay Sahai has earlier stated that it will be a kind of bonded zone which will facilitate exports and imports of e-commerce cargo and to a large extent address the problem of re-imports because in e-commerce, about 25 per cent of goods are re-imported.
Last year, the cross-border e-commerce trade was about $ 800 billion and is estimated to reach $ 2 trillion by 2030.
A report by economic think tank GTRI India’s e-commerce exports have the potential to reach $ 350 billion by 2030, but banking issues hinder growth and increase operational costs.
India has set a target of $ 1 trillion of merchandise exports by 2030 and cross-border e-commerce trade has been identified as one of the mediums to meet this aim.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 16 2024 | 11:46 PM IST
