Overseas Opportunities

According to estimates by citizen engagement social networking platform Localcircles, about

75,000 exporters from India sent out $1.2 billion worth of goods via the e-commerce channel
during FY19.

“We are looking at a $450 billion opportunity, which may get considerably squeezed if
regulatory and customs policies are not revised soon. As of now, it costs an absurd Rs 1,400
to send a rakhi to Singapore, even as China has increasingly pushed small-value exports
through the e-commerce channel,” said Sachin Taparia, founder of Localcircles.

Labour availability and production costs still favour India as well as the production of
consumer goods across segments such as home furnishings, medicinal products, apparels,
textiles, handicrafts and gems & jewellery, among others, he added.

Currently, customs and postal payments issues remain among the biggest complaints of
exporters. During the meet, it was pointed out that the Reserve Bank of India (RBI) should
permit inward remittances of 50 per cent of the invoice value at the time of export. This will
allow exporters the flexibility to sell goods at a premium based on product demand or at a
lower price in case of stock liquidation.

JUST A CLICK AWAY

 Majority of exporters prefer e-comm route even as most online transactions being
done on Amazon
 Increasing number of exporters pushing their business through eBayand Paypal
 Industry estimates say India Posts needs to reduce postal costs by at least a third to
come on a parwith other nations