Commerce Department plans e-commerce hub to boost exports | Image: Pixel
100 day agenda roadmap: To enhance India's exports through online channels, the commerce ministry is preparing to include the development of e-commerce hubs in the new government's 100-day agenda roadmap, PTI official sources said.
The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce, in collaboration with the Reserve Bank of India (RBI) and other relevant ministries, has formulated a strategy aimed at enhancing exports through e-commerce platforms, and has created an invaluable resource in this sector. Harnessing potential. I'll make an offer.
In light of the new government's next 100-day plan, ministries are stepping up efforts to boost economic growth, especially in the wake of the seven-phase Lok Sabha elections scheduled for voting on June 4. We are actively working on the formulation.
These proposed e-commerce hubs are envisioned as facilitators of the export process, offering services such as export processing, warehousing, customs clearance, and return processing. Ajay Sahai, Director General, Federation of Indian Export Organizations (FIEO), emphasized the importance of private sector involvement in the development of these hubs.
Cross-border e-commerce trade reached around $800 billion last year and is expected to surge to $2 trillion by 2030, presenting huge potential for India to tap into this fast-growing market. DGFT Director General Santosh Kumar Sarangi emphasized the need for policy realignment to foster an effective e-commerce ecosystem with a view to emulating China's success in e-commerce exports.
According to economic forecasts, India's e-commerce exports could reach $350 billion by 2030, with small and medium-sized businesses specializing in niche products such as handicrafts, clothing, jewellery, Ayurvedic products, etc. This is a lucrative opportunity for companies.
India is targeting $1 trillion in merchandise exports by 2030, and leveraging cross-border e-commerce has emerged as a key strategy to achieve this ambitious goal.
(With PTI input)
