Report recognised that India is one of the fastest-growing e-commerce markets.
- E-commerce (electronic commerce) is the exchange of goods and services and the transmission of funds and data over the Internet.
Key findings
- Global:
- Crossborder e-commerce is driving global business-to-consumer (B2C) market.
- Global B2C market is valued at US$6 trillion and is projected to reach over US$8 trillion by 2026.
- India:
- Domestic e-commerce market: It stands at US$83 billion as of FY22, which is expected to reach US$150 billion by FY26.
- Growing middle class, rising internet penetration, digitization of payments through UPI, etc. are the key drivers.
- E-commerce exports: For FY2023, export was between US$4-US$5 billion (0.9% to 1.1% of India’s total merchandise exports).
- E-commerce exports need 50-60 times increase to reach the $200-300 billion target by FY 2030.
- Domestic e-commerce market: It stands at US$83 billion as of FY22, which is expected to reach US$150 billion by FY26.
Key challenges highlighted
- Regulatory ecosystem is inclined towards B2B exports
- No separate law for e-commerce exports
- Lack of demarcation of responsibilities between sellers and e-commerce operator
- Complex customs procedures
Key Recommendations
- Implement and expand the scope of E-commerce Export Hubs (ECEH)
- Increase courier consignment limit and streamline clearance.
- Create Customs Supervision Codes
India’s Initiatives take for promoting e-commerce
|
