Indian E-Commerce Exports Likely To Reach USD 200 Billion In Next 6-7 Years
India's e-commerce export, presently valued at USD 1 billion per year, is expected to surge to USD 200 billion within the next six to seven years, Santosh Kumar Sarangi, Additional Secretary & Directorate General of Foreign Trade (DGFT) said on Friday. Sarangi emphasized that this projected growth in e-commerce exports plays a crucial role in propelling the country toward achieving a target of USD 2 trillion in goods and services exports by 2030.
Addressing the ‘FICCI E-commerce Exports’ conference, Sarangi emphasized that there is immense potential in the Indian e-commerce exports which is backed by huge product diversity, product innovation and the ability of Indian entrepreneurs to gauge requirements of specific markets and offer customized products.
“This is what gives us the confidence that in the next 6-7 years, we should be able to do around USD 200 billion of e-commerce exports. We need to bring about a lot of changes in the way logistics is handled in India, the way policy making happens, the way RBI looks at e-commerce exports and in all of these we have to make a lot of changes,” he highlighted.
Key Elements In E-Commerce Business
Sarangi also stressed on creating awareness and educating the exporters to conduct the e-commerce business in a fair and ethical manner which is going to be extremely crucial. Apart from the consumer, he said there are four key elements involved in the e-commerce business which include logistics, e-commerce service platform providers, international payment systems and government agencies involved in facilitating the business including the RBI, Department of Revenue, DGFT, Department of Post.
The central government is anticipated to introduce a comprehensive e-commerce policy that will reshape the landscape of e-commerce in the country. Commerce Minister Piyush Goyal stated in an official release that the policy and regulations have been developed through extensive consultations with all relevant stakeholders.
Hand-holding Potential Exporters
“In the course of time, we expect the fintech sector of India to also play a key role in providing innovative payment solutions and more importantly, cost effective payment solutions,” Sarangi added.
He also stated that in order to create mass awareness among exports, there is a need to create a pool of mentors who will act as fulcrum in handholding and guiding the potential exporters in India. The Indian e-commerce export eco-system will evolve in a much rapid manner and will play a major role in realizing the target of achieving USD 2 trillion of exports of goods and services in days to come, he asserted.
Akshay Ghulati, Co-founder, Strategy and Global Expansion, Shiprocket said that the demand for Indian products is increasing dramatically. India enjoys a very strong position in the mind of customers across the globe. “The next 10 years is going to be hyper-growth for Indian brands to enter international markets,” he added.
The future of India's e-commerce exports appears promising, with projections indicating a significant surge from the current USD 1 billion to an estimated USD 200 billion within the next 6-7 years. The impending comprehensive e-commerce policy, shaped through consultations with stakeholders, will redefine the e-commerce landscape. The awareness campaigns and mentorship programs aim to foster fair and ethical e-commerce practices, positioning India to play a pivotal role in achieving a USD 2 trillion target for goods and services exports by 2030.