Commerce Secretary Rita Teaotia called for a comprehensive national e-commerce policy to tap the huge opportunities in this segment, saying the country is not entirely ready to tap the opportunities offered by e-commerce.
New Delhi:
According to the official, there is a crying need to ensure that various arms of the government like the Department of IT, Finance and Department of Posts are on the same page to capitalise on the business prospects offered by the digital space.
Teaotia said since the B2C (business-to-consumer) commerce transactions in India are growing rapidly at a compounded annual growth rate of 34 per cent, there is a need for pegging aspirations realistically as the growth had taken place on a low base.
The Commerce Secretary was speaking at a workshop on “Going global through E-commerce Marketplace for B2C Product Manufacturers, Exporters, Retailers and Online Sellers”, organised by the Ficci and Amazon India.
A report by Amazon India, launched at the same event, said Indian exporters on the e-commerce platform saw a massive 224 per cent growth in their global exports business in 2017.
Sanjay Bhatia, President, Ficci-Confederation of MSMEs (micro, small and medium enterprises), said “Global e-commerce transactions in 2016 were $1.9 trillion accounting for 8.7 per cent of the total retail spending worldwide.”