The government has set the ball rolling with the new FTP to increase ease of doing business through e-commerce exports. Now, the ecosystem — comprising the government, regulators (RBI, the Central Board of Indirect Taxes and Customs, etc.), industry associations (the FIEO, etc.), logistics and payments providers, banks, VCs, incubators, e-commerce programs like Amazon Global Selling, and more — needs to come together to further deliberate and execute on policy provisions with a view to simplify and amplify adoption among Indian businesses. They can do this through collaborations, sharing of insights and data, increasing working capital flow to exporters, training and awareness programs, product interventions, policy submissions, formation of joint committees with the DGFT, and more.
A recent report by IKDHVAJ, an emerging trade advisory body, stresses the need for a digital single-window system, the role of industry associations in promoting e-commerce exports, and leveraging of Free Trade Agreements (FTAs) to promote e-commerce exports and build a stronger digital economy. “E-commerce has clearly played a phenomenal role in the rise of economies such as China’s. India must catch up fast with its domestic and export potential. In its quest to achieve a $5 trillion economy, the Government of India should boost digitalization, push inclusivity in ways that support MSMEs, and empower small businesses to venture into the online ecosystem and diversify their operations in the global marketplace,” the report said.
This will help set the industry on a growth trajectory that unlocks its full potential and contributes significantly to India’s exports and economic growth.