The government’s new Foreign Trade Policy extends all export benefits to e-commerce overseas shipments, which it targets to grow to $200-300 billion annually by 2030, and plans to create hubs for such exports with designated zones for warehousing.
For starters, the value limit for exports undertaken through courier services is being doubled to ₹10 lakh per consignment from ₹5 lakh, and IT systems would be deployed over the next six months by the Departments of Commerce, Post and the Central Board of Indirect Taxes and Customs (CBIC).
“We will also formulate a policy for e-commerce export hubs that will be designed to help e-commerce aggregators undertake everything from stocking to customs clearances and processing of returned orders,” Director General of Foreign Trade Santosh Kumar Sarangi said. The hubs would also include a processing facility for last mile activities like labelling, testing and repackaging, as per the policy.
Beyond e-commerce, Mr. Sarangi said a consultative mechanism was being created to resolve issues of trade and Industry and there would be deeper engagement with States and Districts to promote exports from the grassroot level. “Sectors that feel that they haven’t got anything, need not be disappointed as the policy will be dynamic,” he assured.
For all the latest business News Click Here
