Priority sector lending, easy customs, higher consignment limit to $50,000 to push ecomm exports: EY-Assocham report
e-commerce exports in India’s free trade agreements. To achieve $200-300 billion in e-commerce exports by 2030, the two organisations, in a report on Thursday, proposed cheaper financing through priority sector lending for such outbound shipments and increasing the consignment limit via courier route to $50,000 from $12,000 now.
The report titled ‘Enabling e-commerce exports from India’ has recommendations on easing customs procedures, enabling robust reconciliations and payment settlement mechanisms and various policy interventions to push e-commerce exports which are estimated at $4-5 billion in FY23 accounting for 0.9-1.1% of India’s total merchandise exports.
The report compares best practices followed in China where the consignment limit for e-commerce exports is $50,000, cross-border e-commerce pilot zones established to expedite customs clearances through a ‘green channel’, simplified export procedures like release-from-manifest and consolidated declaration, and preferential policies, warehouse facilities, and benefits including lower income tax in these zones.
Besides, Beijing has also inked e-commerce memorandums with 15 countries to boost its e-commerce export trade.
Easy customs, re-import
Assocham and EY have proposed creating separate custom supervision codes for cross-border e-commerce trade to ensure speedy custom clearance, simplified payment procedures, lesser time for custom clearance of courier shipments and collaboration with the e-commerce marketplace for verification.
The two
