E-Commerce exports likely to touch US$200 billion in India by 2030: DGFT
NEW DELHI : Indian e-commerce exports are likely to touch USD 200 billion in the next 6-7 years and will play a critical role in achieving the USD 2 trillion goods and services export target, a senior Directorate General of Foreign Trade (DGFT) official said here on Friday.
Addressing the ‘FICCI E-commerce Exports’ Conference, Additional Secretary and DGFT Director General Shri Santosh Kumar Sarangi emphasised that there is immense potential in Indian e-commerce exports which is backed by huge product diversity, product innovation and the ability of Indian entrepreneurs.
“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, as per a FICCI press release.
The DGFT is responsible for formulating and implementing the foreign trade policy with the main objective of promoting India’s exports. Sarangi also stressed 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.
“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,” added Sarangi.
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 a fulcrum in handholding and guiding potential exporters in India.
At the event, Mr. Akshay Ghulati, Co-founder – of Strategy and Global Expansion, Shiprocket said that the demand for Indian products is increasing dramatically. India enjoys a very strong position in the minds of customers across the globe.
“The next 10 years are going to be hyper-growth for Indian brands to enter international markets,” Ghulati noted.
Mr. Anuraag Gambhir, MD (CEO) of ShopClues said, “The demand for Indian products is increasing tremendously and India enjoys a distinctive position in the minds of global consumers. With ‘Make In India’, the manufacturing and brand creation capabilities of India have increased by leaps and bounds.”