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This is an archive article published on July 17, 2024

E-commerce export framework by Sept: Commerce Secretary

India’s e-commerce industry is primarily dominated by small businesses that export products valued between $25 and $1,000. Popular items include handicrafts, art, books, ready-made garments, and gems and jewellery.

E-commerce export framework by Sept: Commerce SecretaryIndia’s e-commerce industry is primarily dominated by small businesses that export products valued between $25 and $1,000

The Commerce Ministry is working on a regulatory framework to boost India’s e-commerce exports, which is among the fastest-growing mediums for export growth globally, Commerce Secretary Sunil Barthwal said on Tuesday, adding that the framework will be ready by September.

India’s e-commerce industry is primarily dominated by small businesses that export products valued between $25 and $1,000. Popular items include handicrafts, art, books, ready-made garments, and gems and jewellery.

According to the think tank GTRI, India’s e-commerce exports have the potential to reach $350 billion by 2030.

Stressing the need to tap into new emerging export opportunities, Barthwal noted that Indian exports through this medium amount to only $5 billion, whereas China’s exports have reached $300 billion. He added that the ministry has held consultations with officials from revenue and industry representatives from logistics and marketplace platforms regarding the framework.

“We are working on setting up e-commerce export hubs in the country. We have discussed the framework. It is on our 100-day agenda. It will establish a framework for e-commerce export hubs and the regulatory ecosystem. These hubs will be located near airports and ports,” Barthwal told reporters.

According to a GTRI report, India’s e-commerce exports have the potential to grow at a faster pace than its IT exports did in the early 2000s. However, despite this potential, India’s current e-commerce export numbers remain far below what they could be.

“India’s current e-commerce export provisions are a patchwork of rules framed for regular B2B exporters. This creates an enormous compliance burden on small firms, and India needs to address these issues in one place.

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“To meet such needs, the report recommends that the Indian government issue a separate e-commerce export policy. E-commerce policies in China, Korea, Japan, and Vietnam have helped many firms sell globally,” the report stated.

Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, specializing in economic policy and financial regulations. With over five years of experience in business journalism, he provides critical coverage of the frameworks that govern India's commercial landscape. Expertise & Focus Areas: Mishra’s reporting concentrates on the intersection of government policy and market operations. His core beats include: Trade & Commerce: Analysis of India's import-export trends, trade agreements, and commercial policies. Banking & Finance: Covering regulatory changes and policy decisions affecting the banking sector. Professional Experience: Prior to joining The Indian Express, Mishra built a robust portfolio working with some of India's leading financial news organizations. His background includes tenures at: Mint CNBC-TV18 This diverse experience across both print and broadcast media has equipped him with a holistic understanding of financial storytelling and news cycles. Find all stories by Ravi Dutta Mishra here ... Read More

 

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