(MENAFN- KNN India)
New Delhi, Jul 17 (KNN) India's Commerce Ministry is developing a regulatory framework to enhance the country's e-commerce exports, with plans to finalise it by September, according to Commerce Secretary Sunil Barthwal.
The initiative aims to address the significant gap between India's current e-commerce exports, estimated at USD 5 billion annually, and China's USD 300 billion.
In a press briefing on Tuesday, Barthwal outlined the ministry's vision for establishing e-commerce export hubs across the country.
These hubs, to be located near airports and ports, will facilitate small producers in selling their goods to aggregators, who will then market the products internationally.
The proposed framework, part of the ministry's 100-day agenda, is expected to create a conducive regulatory ecosystem for e-commerce exports. Key focus areas include addressing taxation issues and streamlining the process for handling returned goods.
Products with high export potential through this channel include jewellery, apparel, handicrafts, and items from the One District One Product (ODOP) initiative.
The Directorate General of Foreign Trade (DGFT) is collaborating with the Reserve Bank of India and relevant ministries to develop measures promoting e-commerce exports.
The proposed hubs are anticipated to offer facilities such as warehousing, customs clearance, and packaging services.
Industry experts note the potential for India's e-commerce exports to reach USD 350 billion by 2030, contributing significantly to the country's target of USD 1 trillion in merchandise exports by the same year.
However, challenges such as banking issues currently hinder growth and increase operational costs in the sector.
As global cross-border e-commerce trade is projected to reach USD 2 trillion by 2030, India's strategic focus on this sector could play a crucial role in achieving its ambitious export targets.
(KNN Bureau)
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