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Even though the e-commerce industry in India has experienced swift expansion over the past few years driven by elements such as online payments and localised delivery services, this market makes up only a small fraction, about 1.5 per cent of the global market, and it is projected to stay around 2 per cent in the coming years, as per The Economic Survey 2024-25 . Budget with ET Middle class, women, poor dominate Modi's pre-Budget speech.
Relief ahead? Economic Survey offers hope to 'aam aadmi' on inflation pains, subject to terms and conditions India Inc earns fat profits but is not willing to pay more: Economic Survey These exports generated an estimated $4-5 billion in exports during FY23 and are expected to increase to $200-300 billion by 2030, as per the Survey. The survey noted that the e-commerce export ecosystem in India presents opportunities for growth alongside a few challenges related to regulatory frameworks and compliance obligations. “For example, the roles of sellers and e-commerce platform operators are not yet clearly defined.
This requires collaboration between sellers and e-commerce operators at various stages of export and payment processes. Presently, exports are facilitated through two primary modes, courier and cargo, with a courier export value limit of $12,000 (Rs 10 lakh), which is less compared to other countries,” it noted. Elaborating further, it highlighted how the absence of distinct Customs supervision codes for traditional and e-commerce exports leads to delays in Customs verification and hinders data collection for further policy interventions.
“The RBI manages the Foreign Exchange Management Act (FEMA) of 1999, which requires foreign exchange receipts within nine months of shipment. This timeline supports efficient transactions but may pose challenges for e-commerce operators handling shipments sold over 12 to 18 months. It opens the door to exploring more flexible reconciliation timelines,” it said.
The Export Data Processing and Monitoring System (EDPMS) aids in payment reconciliation, with costs ranging from $18 to $36 (Rs 1,500-Rs 3,000), the Survey said. “There is a need for cost optimisation, particularly for small-value shipments. Additionally, the reimporting of e-commerce refunds/rejects is exempted from duty only when it can be proven that the re-imported goods are the same as those exported, which is a cumbersome process.
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Addressing some of the existing challenges can further unlock opportunities for the sector to achieve its full potential and strengthen its position among leading global e-commerce exporters,” it added..
