India will set up a dedicated e-commerce export hub to boost online trade, Finance Minister Nirmala Sitharaman announced in the Union Budget. The government aims to create a streamlined regulatory and logistical environment to support the growing e-commerce sector.
The Directorate General of Foreign Trade (DGFT) is already working with the Reserve Bank of India and other ministries to implement measures to boost e-commerce exports. These hubs are expected to offer a range of services including export clearance, warehousing, customs clearance, return processing and product handling.
Industry experts are of the opinion that these hubs will act as bonded zones, simplifying the import and export of e-commerce goods and significantly reducing re-imports. The private sector is expected to play a key role in developing and operating these facilities.
India's e-commerce exports are currently modest at $2 billion, low compared to China's $350 billion, but the potential for growth is huge, with estimates that Indian e-commerce exports could reach $350 billion by 2030. Challenges such as banking issues remain, but the government's efforts are seen as a significant step towards capitalizing on this huge opportunity.
The move is expected to create new jobs, stimulate economic growth and strengthen India's position as a global e-commerce player.
The Directorate General of Foreign Trade (DGFT) is already working with the Reserve Bank of India and other ministries to implement measures to boost e-commerce exports. These hubs are expected to offer a range of services including export clearance, warehousing, customs clearance, return processing and product handling.
Industry experts are of the opinion that these hubs will act as bonded zones, simplifying the import and export of e-commerce goods and significantly reducing re-imports. The private sector is expected to play a key role in developing and operating these facilities.
India's e-commerce exports are currently modest at $2 billion, low compared to China's $350 billion, but the potential for growth is huge, with estimates that Indian e-commerce exports could reach $350 billion by 2030. Challenges such as banking issues remain, but the government's efforts are seen as a significant step towards capitalizing on this huge opportunity.
The move is expected to create new jobs, stimulate economic growth and strengthen India's position as a global e-commerce player.
