Indian e-commerce exports predicted to reach $200 billion in the next 6-7 years, says DGFT
Published on: November 18, 2023.
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India’s e-commerce industry is set to experience explosive growth in the coming years, with exports projected to reach $200 billion within the next six to seven years, according to Santosh Kumar Sarangi, director general of the Directorate General of Foreign Trade (DGFT). Sarangi highlighted this immense potential during the ‘E-commerce Exports’ conference organized by the Federation of Indian Chambers of Commerce and Industry (Ficci). He attributed India’s future success in e-commerce exports to its diverse range of products, ability to innovate, and the customized products offered by Indian entrepreneurs.
Sarangi compared India’s current e-commerce exports to that of China, stating that India only exports a fraction of what China does. However, he believes that with the right changes in logistics, policy-making, and the approach of regulatory agencies like the Reserve Bank of India (RBI), India can achieve the $200 billion target. Sarangi emphasized the importance of making the necessary changes in mindset and approach within regulatory agencies, as they are still geared towards traditional business models. He also expressed optimism that the fintech sector in India will play a key role in providing innovative and cost-effective payment solutions.
In addition, Sarangi highlighted the initiatives taken by the DGFT and other regulatory agencies to simplify e-commerce exports. He identified logistics, e-commerce service platform providers, international payment systems, and regulatory agencies like the RBI, department of revenue, and DGFT as the key elements of the e-commerce ecosystem. Sarangi emphasized the need for exporters to conduct business ethically and fairly, suggesting the creation of a pool of mentors to guide potential exporters in India.
The projected growth in India’s e-commerce exports aligns with the country’s broader goal of achieving $2 trillion in exports in the near future. The success of India’s e-commerce industry will not only contribute significantly to the country’s economy but also showcase the entrepreneurial spirit and innovative capabilities of Indian businesses.
Source: [Business Standard](https://www.business-standard.com)
