In a groundbreaking revelation, Santosh Kumar Sarangi, the Director General of the Directorate General of Foreign Trade (DGFT), forecasts a monumental surge in India’s e-commerce exports, estimating a staggering $200 billion within the next six to seven years. Speaking at the ‘E-commerce Exports’ conference organized by the Federation of Indian Chambers of Commerce and Industry (FICCI), Sarangi highlighted the immense potential fueled by product diversity, innovation, and the adaptive prowess of Indian entrepreneurs.
The current e-commerce export figure stands at a modest $1.2 billion, a fraction of China’s $250 billion in the same sector. Sarangi emphasized the need for transformative changes in logistics handling, policymaking, and the Reserve Bank of India’s (RBI) perspective on e-commerce exports to achieve this ambitious target.
Furthermore, Sarangi asserted that India’s e-commerce export ecosystem is poised to evolve rapidly, becoming a pivotal player in realizing the broader goal of $2 trillion in total exports. He outlined the DGFT’s initiatives in collaboration with regulatory agencies to streamline e-commerce exports, focusing on logistics, e-commerce service platform providers, international payment systems, and regulatory agencies.
However, Sarangi emphasized the necessity for a paradigm shift in the mindset of regulatory agencies, still oriented towards traditional B2B models. Additionally, he anticipates the fintech sector in India playing a pivotal role in providing innovative and cost-effective payment solutions, contributing to the sector’s unprecedented growth.
In his closing remarks, Sarangi stressed the importance of creating awareness and educating exporters to engage in e-commerce business ethically. He proposed the establishment of a pool of mentors to guide and support potential exporters, ushering in a transformative era in India’s e-commerce landscape.
