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E-commerce exports may touch $200 billion in 6-7 years: DGFT
E-commerce
Photo Courtesy: UNI

E-commerce exports may touch $200 billion in 6-7 years: DGFT

| @indiablooms | 18 Nov 2023, 02:17 am

New Delhi: The Indian e-commerce export sector has the potential to touch $200 billion in next six to seven years, a top government official said on Friday

Addressing a FICCI event, Santosh Kumar Sarangi, Additional Secretary & Director General, Directorate General of Foreign Trade (DGFT) said product innovation and the ability of Indian entrepreneurs to meet the requirements of specific markets with customized products would propel the growth of e-commerce export sector.

“This gives us the assurance that over the next 6-7 years, achieving approximately $200 billion in e-commerce exports is a realistic goal. It demands major transformations in how logistics is managed in India, the approach to policy-making, and how the RBI views e-commerce exports. We are committed to making substantial changes in all these aspects,” he said.

Sarangi emphasised on creating awareness and educating the exporters to conduct the e-commerce business in a fair and ethical manner.

Sarangi underscored the four key elements in the e-commerce business—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 due 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 solutions,” he added.

Sarangi also stated that 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 $2 trillion of exports of goods and services in days to come.

Participating in the conference, Akshay Ghulati, Co-founder – Strategy and Global Expansion, Shiprocket said that the demand for Indian products is increasing dramatically.

“The next 10 years is going to be hyper-growth for Indian brands to enter international markets,” he said.

Anuraag Gambhir, MD (CEO), 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.”

(With UNI inputs)

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