India's e-commerce industry is primarily dominated by small and medium-sized enterprises exporting products worth between $25 and $1,000; popular items include handicrafts, art, books, ready-made garments, gems and jewellery.
Finance Minister Nirmala Sitraman said at the Union Budget presentation on Tuesday that e-commerce export hubs will be set up under a public-private partnership model to enable Micro, Small and Medium Enterprises (MSMEs) and traditional artisans to sell their products in international markets. “These hubs, with a seamless regulatory and logistical framework, will facilitate trade and export-related services in a centralised manner,” Sitraman said.
India's e-commerce industry is primarily dominated by small and medium-sized enterprises exporting products worth between $25 and $1,000, with popular items including handicrafts, art, books, ready-made garments, gems and jewellery. According to think tank GTRI, India's e-commerce exports could reach $350 billion by 2030. India's exports through this route are just $5 billion compared to China's $300 billion.
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According to the GTRI report, India's e-commerce exports have the potential to grow at a faster pace than IT exports in the early 2000s, but despite this potential, India's current e-commerce export numbers are far below their potential.
“India's current e-commerce export regulations are a patchwork of rules tailored for regular B2B exporters. This creates a huge compliance burden on small and medium-sized enterprises and India needs to resolve all such issues in one place. To address such needs, the report recommends that the Indian government issue a separate e-commerce export policy. E-commerce policies in countries such as China, South Korea, Japan and Vietnam have helped many companies sell globally,” the GTRI report said.
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First uploaded: 23 July 2024 12:40 IST
