New Delhi, Nov 17 (Mayank Nigam) There is immense potential in the Indian e-commerce exports and it could touch $200 billion in next 6-7 years, said Santosh Kumar Sarangi, Additional Secretary & Director General, Directorate General of Foreign Trade (DGFT) on Friday. Addressing the ‘FICCI E-commerce Exports’ conference, Sarangi stressed on creating awareness and educating the exporters to conduct the e-commerce business in a fair and ethical manner. The DGFT Chief highlighted that product innovation and the ability of Indian entrepreneurs to gauge requirements of specific markets and offer customized products are among the key factors that would propel the growth of e-commerce. “This is what gives us the confidence that in the next 6-7 years, we should be able to do around $200 billion of e-commerce exports.
We need to bring about a lot of changes in the way logistics is handled in India, the way policy-making happens, the way RBI looks at e-commerce exports and in all of these we have to make a lot of changes,” he stated. Sarangi noted that there are four key elements involved in the e-commerce business which include 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 the 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 payment 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.”