NEW DELHI: Developing an e-commerce hub in the country to further boost India's exports through online media will be included in the new government's 100-day agenda roadmap at the Commerce Ministry, officials said.
DGFT, an arm of the Ministry of Commerce, has already collaborated with relevant ministries including RBI and Ministry of Finance to take several measures to promote exports through e-commerce medium as there are huge export opportunities in the e-commerce sector. I am teaching.
The exercise is important as ministries and agencies are being asked to develop a 100-day plan for the new administration.
The seven-phase Lok Sabha polls, the world's biggest election campaign, will begin on April 19, with vote counting scheduled for 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 will significantly address the re-import issue, as about 25 percent of goods in e-commerce are re-imported. The hub will be a kind of They are also export-oriented units and the private sector needs to come forward to develop these hubs,'' said Ajay Sahai, secretary general, Federation of Indian Export Agencies.
Last year, cross-border e-commerce transactions were approximately $800 billion and are estimated to reach $2 trillion by 2030.
Recently, Director General of Foreign Trade Santosh Kumar Sarangi said that 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 comparison, the value of shipments through online media in India is around $350 billion, it added. Only $2 billion.
Economic think tank GTRI reports India's e-commerce exports could reach US$350 billion by 2030, but banking issues are hampering growth and increasing operating costs.
India's e-commerce industry is primarily driven by small and medium-sized enterprises that export goods valued between USD 25 and USD 1,000. Popular products include handicrafts, art, books, ready-to-wear clothing, imitation jewellery, gemstones and jewellery, home decor, Ayurvedic products and sporting goods. According to the report, these niche products are finding a market due to their unique artisan value.
India has set a target of USD 1 trillion in merchandise exports by 2030, and cross-border e-commerce has been identified as a source for achieving this goal.
This article was generated from an automated news agency feed without modifications to the text.
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