To further boost India's exports through online medium, developing an e-commerce hub in the country will be included in the new government's 100-day planning roadmap in the Commerce Department, officials said.
DGFT, an arm of the ministry, has already collaborated with concerned ministries including RBI and Ministry of Finance to take several steps to promote exports through e-commerce medium as there is a huge export opportunity in the e-commerce sector. I am teaching.
The exercise is important as ministries are being asked to develop a 100-day plan for the new government.
The seven-phase Lok Sabha polls will begin on April 19 and counting of votes will be held on June 4.
The official said these hubs could help further promote exports through e-commerce mediums.
Industry experts say these hubs will ease export customs clearance. Additionally, we can provide warehousing facilities, customs clearance, return processing, labeling, testing, and repackaging.
“This will be a kind of bonded zone, which will facilitate the import and export of e-commerce cargo and also address the re-import issue to a large extent, as about 25 percent of goods in e-commerce are re-imported. These hubs are also a kind of export-oriented units and the private sector needs to come forward for the development of these hubs,'' said Ajay Sahai, Director General, Federation of Indian Export Organizations (FIEO).
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The value of cross-border e-commerce last year was approximately $800 billion, and it is estimated to reach $2 trillion by 2030.
Recently, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said there is great potential to increase exports through e-commerce medium. Last year, cross-border e-commerce transactions amounted to approximately $800 billion and are estimated to reach $2 trillion by 2030.
“We need to reorient policies to promote the e-commerce ecosystem and capture a bigger pie in e-commerce exports,” Sarangi said, adding that China's e-commerce exports are around $350 billion. In contrast, the country's shipments through online media were approximately $350 billion, it added. Only $2 billion.
The country's e-commerce exports could reach $350 billion by 2030, but banking problems are hampering growth and increasing operating costs, according to a report by economic think tank GTRI.
The e-commerce industry is primarily driven by small and medium-sized enterprises that export goods valued between $25 and $1,000, including handicrafts, art, books, ready-made clothing, imitation jewelry, gems and jewellery. , home decor, Ayurvedic products, sporting goods and more. According to the report, these niche products are finding a market due to their unique artisan value.
The country has set a goal of reaching $1 trillion in merchandise exports by 2030, and cross-border e-commerce has been identified as a source of funding to achieve this goal.
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