NEW DELHI: Speaking at a conference of the Directorate General of Foreign Trade (DGFT) director general Santosh Kumar Sarangi on Friday said that the projected growth in e-commerce exports will help the country. reaching $ 2 trillion in exports of goods and services from. 2030. He said that global e-commerce, which is currently worth about $800 billion per year, is expected to reach $2 trillion by 2030. "This shows the potential of this region for a country like India, where the product variety and production are high, and the ability of our entrepreneurs to analyze the requirements of certain markets and adjust their products to meet the market these are also big," said Sarangi. . . "Everything about the export ecosystem is set on B2B shipping of goods by air and sea, which needs to change (to accommodate e-commerce exporters)," he added. India's trade deficit widened to a record in October due to a surge in gold imports during the holiday season and higher oil prices even as exports recorded a year-on-year increase in the month. Indian exports have been affected by the slowdown in global growth, especially in developed Western economies. These countries also experience strong interest rates due to strong inflation that leads to trade and commerce. At the same time, the conflict in Ukraine and Israel has pushed up oil prices, leading to more price pressure. "We (DGFT) are working with the RBI and the Board of Directors of India to streamline the process of getting export credit," Sarangi said. "Over time, we hope that the fintech sector will play an important role in providing innovative and affordable payment systems." It is expected that the Central Government will soon unveil a comprehensive e-commerce policy, which will challenge the nature of e-commerce in the country. The policy and rules have been formulated after conducting an inquiry with all stakeholders, Commerce Minister Piyush Goyal said in a government statement recently. Meanwhile, Sarangi said that e-commerce players have requested the Department for Industrial Promotion and Internal Trade (DPIIT) to review the FDI policy in e-commerce and export models based on stocks. Currently, although India's FDI policy does not allow direct foreign investment in commodity-based e-commerce models, it does allow FDI for businesses operating through market-based models. Talking about the various measures taken by the government to promote e-commerce exports, Sarangi said that the DGFT is working with stakeholders on various issues, such as reviewing the 'levy system' of allowing small e-commerce players to waive GST rules until they are due. some level. increasing exports, working with the RBI and the Indian Banking Association to streamline the process of accessing export credit and to waive off receivables on returned goods.
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