Budget 2021: Govt may announce steps to promote ecommerce exports, imports, say sources
The Indian government in the Union Budget next week is expected to announce measures such as extending the facility of bulk clearance for ecommerce imports and exports with a view to promoting the growth of this fast-growing segment in the country, sources said.
They said as there is a multi-fold increase in the ecommerce sector in the country, a significant volume of products is imported into and exported out of India through this platform, and there is a need to find a balance between control and facilitation for the sector.
Presently, importers and exporters are required to submit individual/separate clearance documents for each package with the Indian customs department, which adds cost for traders to conduct business through ecommerce.
"With an aim to support the growth of the ecommerce sector in India, the facility for bulk clearance of import and export is required for ecommerce import and exports. Additionally, a simplified process in case of return of ecommerce shipments would also help in promoting the growth," one of the sources said.
Finance Minister Nirmala Sitharaman will unveil the Budget for 2021-22 on February 1.
According to exporters, easing of processes for the sector would further help in boosting the country's outbound shipments.
"Extending the facility of bulk clearance is a good idea. Globally, this facility is there. It will help in reducing transaction cost. If it is permitted, it would hugely benefit the ecommerce trade," Federation of Indian Export Organisations Director General Ajay Sahai said.
A leather exporter said the move if announced in the Budget, would help promote exports through ecommerce medium.
In another development, sources said the Indian government is likely to raise the farm credit target to about Rs 19 lakh crore in Budget 2021, with the aim of doubling farmers' income by 2022. For the current fiscal, it has set a farm credit target of Rs 15 lakh crore.
For YourStory's multimedia coverage of Budget 2021, visit YourStory's Budget 2021 page or budget.yourstory.com