Ecommerce: Working with RBI, other ministries on steps to promote ecommerce exports: DGFT
The commerce ministry’s arm DGFT is working with the RBI and concerned ministries, including the finance ministry, on several steps like providing flexibility in payment realisation to promote exports through ecommerce medium, a senior government official said on Thursday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that huge export opportunities are there in the ecommerce sector.
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“India is well poised to take advantage of ecommerce benefits, and for this, the biggest requirement is to change our mindsets…So, this would require a lot of changes in the regulations,” he told reporters here.
Sarangi said DGFT is working with departments like revenue, post, MSME, DPIIT (department for the promotion of industry and internal trade) and the RBI.
They all are part of an inter-ministerial working group, which is working on facilitating exports through the ecommerce medium.
“We are working with RBI to facilitate the policies related to the realisation of foreign exchange. In normal B2B (business-to-business), they have a policy by which foreign exchange realisation has to happen within 270 days, but ecommerce would require a slightly different ecosystem. So, we are working with the RBI to bring in flexibility in this payment realisation,” he said.
The new FTP (foreign trade policy) 2023 has raised the value limit of ecommerce exports through couriers from Rs 5 lakh to Rs 10 lakh per shipment.
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On this, he said that the Department of Revenue is of the view that the limit can be removed depending on the outcome. DGFT said the Department of Post has opened 1,000 Dak Niryat Kendras as of November to link foreign post offices with the hinterlands.
“We are also working with the Department of Revenue for developing or designating ecommerce export zones, where the export clearances are facilitated and done quickly,” he said.
Exports through the ecommerce medium are growing at a faster pace globally, and as per estimates, it will touch $2 trillion by 2030 from the current level of $800 billion.
China is a leading player in this segment, with about $350 billion worth of exports.
Sarangi further said that the huge Indian diaspora also provides an opportunity for these exports.
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The commerce ministry’s arm DGFT is working with the RBI and concerned ministries, including the finance ministry, on several steps like providing flexibility in payment realisation to promote exports through ecommerce medium, a senior government official said on Thursday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that huge export opportunities are there in the ecommerce sector.
![]()
“India is well poised to take advantage of ecommerce benefits, and for this, the biggest requirement is to change our mindsets…So, this would require a lot of changes in the regulations,” he told reporters here.
Sarangi said DGFT is working with departments like revenue, post, MSME, DPIIT (department for the promotion of industry and internal trade) and the RBI.
They all are part of an inter-ministerial working group, which is working on facilitating exports through the ecommerce medium.
“We are working with RBI to facilitate the policies related to the realisation of foreign exchange. In normal B2B (business-to-business), they have a policy by which foreign exchange realisation has to happen within 270 days, but ecommerce would require a slightly different ecosystem. So, we are working with the RBI to bring in flexibility in this payment realisation,” he said.
The new FTP (foreign trade policy) 2023 has raised the value limit of ecommerce exports through couriers from Rs 5 lakh to Rs 10 lakh per shipment.
Discover the stories of your interest
On this, he said that the Department of Revenue is of the view that the limit can be removed depending on the outcome. DGFT said the Department of Post has opened 1,000 Dak Niryat Kendras as of November to link foreign post offices with the hinterlands.
“We are also working with the Department of Revenue for developing or designating ecommerce export zones, where the export clearances are facilitated and done quickly,” he said.
Exports through the ecommerce medium are growing at a faster pace globally, and as per estimates, it will touch $2 trillion by 2030 from the current level of $800 billion.
China is a leading player in this segment, with about $350 billion worth of exports.
Sarangi further said that the huge Indian diaspora also provides an opportunity for these exports.
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
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