India aims for $350 billion in e-commerce exports by 2030: GTRI report

New Delhi, August 5 (KNN) The Global Trade Research Initiative (GTRI) has released a report outlining ambitious goals for India’s e-commerce export sector.

According to the think tank, India has the potential to increase e-commerce exports from the current $5 billion to $350 billion by 2030, provided key reforms are implemented.

GTRI founder Ajay Srivastava stressed the need for India to adopt measures similar to those of successful e-commerce powerhouses like China, saying, “If we do not adopt similar measures, our e-commerce exports could only reach $25 billion by 2030, despite having the potential to reach $350 billion.”

The report highlights several critical areas for reform. These include overhauling customs and banking regulations, improving access to credit for e-commerce exporters and offering incentives that match those offered in China.

It also recommends creating separate regulations for direct export models and foreign warehouses, as well as support for the establishment of warehouses in key foreign cities. The think tank also suggests providing marketing assistance and developing regional centers for SMEs.

The GTRI recommends nine specific customs reforms, including the creation of a green channel for e-commerce shipments and the introduction of a 24-hour automated inspection system.

The think tank also suggests banking reforms to address issues like high processing fees and restrictions in RBI’s export monitoring system. These changes are seen as crucial to facilitating smoother and more efficient e-commerce exports.

The report comes as global cross-border e-commerce exports are forecast to grow from $1 trillion in 2023 to $8 trillion in 2030.

India’s potential growth in this sector is attributed to its strengths in customized products, traditional craftsmanship, and a growing seller base of over 100,000. These factors position India well to capture a significant share in the growing global e-commerce market.

However, the report warns that without significant policy changes, India may miss its potential and achieve e-commerce exports of just $25 billion by 2030, instead of the projected $350 billion.

This highlights the urgent need to implement the recommended reforms to fully realise the growth potential of this sector.

As countries like China, Korea, Japan and Vietnam have shown, a solid e-commerce export policy can significantly increase a country’s sales worldwide.

(KNN Office)