This is an archive article published on August 24, 2024
Govt invites proposals for setting up e-commerce export hubs
Based on these proposals, further details, including software requirements for e-commerce export hubs (ECEH) to facilitate seamless and expeditious export clearances, will be finalised, the Directorate General of Foreign Trade (DGFT) stated in a trade notice.
Written by Ravi Dutta Mishra
New Delhi | August 24, 2024 04:00 AM IST
2 min read
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The main objectives are to ensure predictability and the shortest possible turnaround time for e-commerce exports, to facilitate easy re-imports for e-commerce returns or rejects, and to bring various cross-border e-commerce stakeholders under one roof.
After Finance Minister Nirmala Sitharaman in her Budget speech announced the establishment of e-commerce export hubs, modelled on similar initiatives in several Southeast Asian countries, the Ministry of Commerce and Industry has invited proposals to finalise the operational modalities of these hubs.
Based on these proposals, further details, including software requirements for e-commerce export hubs (ECEH) to facilitate seamless and expeditious export clearances, will be finalised, the Directorate General of Foreign Trade (DGFT) stated in a trade notice.
“In this regard, detailed proposal(s) for setting up ECEH may be submitted to this Directorate for examination, support, and guidance,” the DGFT said.
Initially, there are plans to set up 10-15 hubs across the country. These hubs would be designated areas, serving as centres with favourable business infrastructure and facilities for cross-border e-commerce activities.
The main objectives are to ensure predictability and the shortest possible turnaround time for e-commerce exports, to facilitate easy re-imports for e-commerce returns or rejects, and to bring various cross-border e-commerce stakeholders under one roof.
While Micro, Small, and Medium Enterprises (MSMEs) and artisans in China, South Korea, Japan, and Vietnam have experienced a surge in exports through e-commerce, India’s exports via this route, at $5 billion, have only been a fraction of its total goods exports of $450 billion. In contrast, China’s exports through this medium alone have surpassed $300 billion.
A report by the economic think tank GTRI suggests that India’s e-commerce exports have the potential to reach $350 billion by 2030, but banking issues hinder growth and increase operational costs. India has set a target of $1 trillion in merchandise exports by 2030, and cross-border e-commerce trade has been identified as one of the avenues to achieve this goal.
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.
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