India Aims for USD 350 Billion in E-Commerce Exports by 2030: GTRI Report

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

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

GTRI Founder Ajay Srivastava emphasised the need for India to adopt measures similar to successful e-commerce powerhouses like China. He stated, "If we do not adopt similar measures, our e-commerce exports might only reach USD 25 billion by 2030, despite having the potential to reach USD 350 billion."

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

Additionally, the creation of separate regulations for direct export and overseas warehouse models is recommended, along with support for establishing warehouses in key foreign cities. The think tank also suggests providing marketing assistance and developing regional hubs for MSMEs.

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

The think tank also suggests banking reforms to address issues like high processing fees and limitations in the RBI's export monitoring system. These changes are deemed crucial for facilitating smoother and more efficient e-commerce exports.

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

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

However, the report cautions that without significant policy changes, India may fall short of its potential, achieving only USD 25 billion in e-commerce exports by 2030 instead of the projected USD 350 billion. 

This underscores the urgency of implementing the recommended reforms to fully capitalise on the sector's growth potential.

As countries like China, Korea, Japan, and Vietnam have demonstrated, a robust e-commerce export policy can significantly boost a nation's global sales. 

(KNN Bureau)