India's e-commerce exports likely to rise to $400 bn by 2030

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RBI) and others to smoothen out various issues faced by the sector. "We (DGFT) are working with the RBI, and Indian banking association to streamline the process of export credit availability," Sarangi said.

“In course of time we expect the fintech sector to play a key role in providing innovative and cost effective payment solutions." The central government is expected to soon unveil a comprehensive e-commerce policy, which will defy the e-commerce landscape in the country. The policy and rules have been framed after thorough consultation with all stakeholders, commerce minister Piyush Goyal recently said in an official statement.

Meanwhile, Sarangi said e-commerce stakeholders have asked the department for the promotion of industry and internal trade (DPIIT) to relook at the FDI policy on inventory-based model of online trade and exports. Currently, while India's FDI policy does not permit foreign direct investment in the inventory-based model of e-commerce, it allows FDI for firms operating through a marketplace model.

Talking of various steps taken by the government to promote e-commerce exports, Sarangi said DGFT is working with relevant stakeholders on various issues like exploring a 'composition levy scheme' for smaller e-commerce players to waive off mandatory GST till they attain a certain scale in exports, working with the RBI and Indian banking association to streamline the process of export credit availability, and striking off payment receivables on returned goods. He said that the DGFT is working with the Department of Post to ensure that Dak Niryat Kendras and foreign post offices (FPOs) get strengthened and expanded.