Barthwal said India has the potential to grow its annual ecommerce exports to $50-100 Bn in the coming years from $5 Bn currently
He added that the ecommerce exports space needs a “good regulatory ecosystem” with regards to aspects such as taxation
Last year, DGFT said that the department was eyeing a goal of enabling $200-$300 Bn in ecommerce exports from India by 2030
Commerce Secretary Sunil Barthwal has reportedly said that a regulatory framework to boost ecommerce exports will be ready by September.
As per news agency PTI, Barthwal said India has the potential to grow its annual ecommerce exports to $50-100 Bn in the coming years from $5 Bn currently. The developments came to pass at a meeting between officials of the revenue department and industry representatives from logistics and marketplace platforms.
Noting that the industry was not seeking any financial assistance, he added that the space needs a “good regulatory ecosystem” with regards to aspects such as taxation and how returned goods will be treated.
“We are working on setting up ecommerce export hubs in the country. We discussed the framework. It is in our 100-day agenda…It will be a framework for ecommerce export hubs and (the) regulatory ecosystem… These hubs will come up near airports, and ports,” Barthwal added.
He further said that small producers will be facilitated to sell their products to these ecommerce platforms via these hubs. Afterwards, aggregators will then find markets and sell the products, added the secretary.
For the uninitiated, these hubs will offer facilities such as warehousing, customs clearance, returns processing, labelling, testing and repackaging.
As per the report, the Directorate General of Foreign Trade (DGFT) is working with the Reserve Bank of India (RBI) and other concerned ministries, including the Finance Ministry, to take several steps to promote ecommerce exports.
The development also comes at a time when the DGFT has inked partnerships with ecommerce majors such as Amazon to spur ecommerce exports out of the country. Last year, it was reported that the department was holding talks with Flipkart, eBay, Rivexa, Shopclues, among others to fuel exports from India.
DGFT’s additional secretary and director general Santosh Sarangi previously said that the department was eyeing a goal of enabling $200-$300 Bn in ecommerce exports from India by 2030.
In March this year, NITI Aayog also proposed a series of measures including setting up a comprehensive trade portal, promoting ease of merchandise exports, elevating access to export finance, among others to boost exports from micro, small and medium enterprises (MSMEs).
