The government has proposed to boost e-commerce exports, which may touch an estimated $200-300 billion by 2030 from $5-10 billion at present, by extending Foreign Trade Policy benefits, raising the value limit for exports through courier, and carrying out necessary IT enablements in the next six months
The new Foreign Trade Policy , which identified e-commerce exports as one of the thrust sectors, also proposed to set up e-commerce export hubs with warehousing facility to help aggregators in easy stocking, customs clearance and returns processing.
“An inter-ministerial committee comprising officials from the department of revenue, post and DGFT are working on guidelines to facilitate further exports under e-commerce,” according to Santosh Sarangi, Director-General of Foreign Trade.
Sarangi said while officially e-commerce exports are estimated at about $2 billion annually, the actual figure could be anything between $5 billion and $10 billion because at present e-commerce shipments going through cargo are not counted and only shipments through postal and courier are included. “Part of the mandate of the inter-ministerial committee is to determine how e-commerce export data is to be captured,” Sarangi said.
The DGFT added that e-commerce exports had a lot of potential for growth and estimates suggested that it could increase to $200-300 billion by 2030.
In another major boost, FTP 2023 increased the value limit for exports through courier service to ₹10 lakh per consignment from ₹5 lakh. It also stated that necessary enablement of IT systems in Department of Commerce, Post, CBIC will be completed in six months to enable exports.
“We welcome the FTP ‘23 which aims to grow exports to $2 trillion by 2030 with a focus on e-comm exports that are estimated to hit $200-300 billion. This opens growth avenues for Indian MSMEs and is aligned with our goal to enable $20 billion in e-comm exports by 2025,” tweeted Amit Agarwal, SVP, India and Emerging Markets, Amazon.
Special outreach and training activities for small e-commerce exporters will also be formulated, the FTP noted.