(MENAFN- KNN India)
New Delhi, Dec 18 (KNN) The Indian government is set to launch a pilot project aimed at dramatically streamlining e-commerce export processes, with the Directorate General of Foreign Trade (DGFT) targeting less-than-a-minute clearance times.
DGFT Director-General Santosh Kumar Sarangi unveiled the initiative during a Confederation of Indian Industries event on Wednesday, signaling a strategic move to enhance the country's global trade competitiveness.
The pilot project will involve strategic partnerships with Shiprocket, DHL, and Cargo Service Centre to expedite export clearances, addressing a critical challenge in India's current e-commerce export landscape.
Currently, India's e-commerce exports stand at a modest USD 5-7 billion, significantly trailing China's impressive USD 300-350 billion annual export volume-a disparity that underscores the immense potential for growth.
Beyond rapid clearance mechanisms, the government is implementing a multi-faceted approach to support e-commerce exporters.
This includes exploring innovative financial instruments through Exim Bank to provide better access to financing, which has historically been a substantial barrier for businesses.
Additionally, the government is contemplating an extension of existing tax rebate schemes like Remission of Duties and Taxes on Exported Products (RoDTEP) and Rebate of State and Central Taxes and Levies (RoSCTL).
Recognising the challenges faced by small and medium enterprises, the government is developing a subsidised collateral arrangement to reduce entry barriers for potential exporters.
Sarangi highlighted that high collateral requirements have been a significant deterrent for Micro, Small, and Medium Enterprises (MSMEs) seeking to enter the export market.
In a complementary initiative, the government is also exploring opportunities in medical tourism, engaging with major hospital chains such as Apollo, Max, and Fortis to develop targeted marketing strategies and attract international medical value travelers.
This diversified approach demonstrates India's comprehensive strategy to expand its global trade footprint across multiple sectors.
(KNN Bureau)
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