What Are The E-Commerce Promotion Initiatives Highlighted In India’s New Foreign Trade Policy?
Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution, and Textiles, Shri Piyush Goyal launched India’s new Foreign Policy 2023 on 31st March 2023. He said that this policy breaks the traditional target years plan. It is dynamic and has been crafted with no end date.
The new foreign trade policy aims to utilize every trade opportunity effectively. The much-awaited FTP 2023 brings in a lot of changes and is quite different from its predecessors. This time the policy focuses on the promotion of e-commerce exports.
India has seen abundant growth in the e-commerce sector in these recent years. Therefore, the new FTP focuses on increasing e-commerce exports to $200-300 billion within the next 7 years.
E-commerce promotion initiatives
The new Foreign Trade Policy of India emphasizes the promotion of more and more e-commerce exports. E-commerce exports seem to be a very promising category that can be beneficial for the growth of the Indian economy.
The FTP 2023 provides all its benefits to e-commerce exports. It means that from now onwards e-commerce exporters will be able to enjoy the same benefits as traditional exporters.
- The new foreign trade policy of our country has raised the value limit of exports via courier services from Rs 5 lakhs to Rs 10 lakhs for every consignment.
- The Indian government has planned to implement IT systems in the Department of Commerce, Post, and CBIC within a duration of six months for the promotion of e-commerce exports.
- Our government has also planned to establish various export hubs that come with warehouse facilities to help the e-commerce exporters for stocking their goods, customs clearance, and process returns.
- Various outreach and training programs will be conducted with the motive to enhance the capacity of various weavers, artisans, jewelry designers, clothing manufacturers, etc by introducing them to the e-commerce platforms to increase their exports.
- The Indian government has decided to frame guidelines in consultation with stakeholders very soon in order to facilitate more exports through e-commerce platforms.
- India’s new foreign trade policy also pays attention to handholding through industries and knowledge partners.
Benefits of exports through e-commerce platforms
The major benefit of e-commerce exports is that they will increase the international trade business. The government sees e-commerce as a promising factor that would lead to an increase in the export of Indian goods and services.
Let us see some other benefits that e-commerce provides to Indian exporters.
- The biggest advantage of engaging in e-commerce trade is that it will reduce the costs to keep the exporters interested in online selling. An exporter can sell their products online without having to spend a lot of money on store maintenance.
- The world of e-commerce has different easy and quick ways to promote sales and business. Exporters can show off their products as e-commerce platforms are all based on visualization.
- Another important benefit of e-commerce to exporters is that here exporters can provide flexibility to buyers. While exporting in an e-commerce platform, products, and services are made available 24×7. This makes e-commerce platforms the best choice to perform foreign trades.
The new Foreign Trade Policy has made a lot of changes to promote Indian exports in the global market. It also focuses majorly on the internalization of the Indian rupee to access it as a global trade currency. Unlike the previous FTPs, this new policy has no target years and comes with no end date.