India eyes $2 trillion Export Goal by 2030, Says ICRIER and UNESCAP

Fuelled by e-commerce and its role in driving economic development and expanding trade, the APAC region is projected to surge from a $2.9 trillion market value in 2022 to $6.146 trillion by 2030. According to a United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) study, online purchases are estimated to account for about 19.4% of total purchases in 2023. In line with this, the Indian Council for Research on International Economic Relations (ICRIER), in collaboration with UN-ESCAP successfully concluded the inaugural Asia Pacific E-Commerce Policy Summit.

As a keynote speaker, Mr. Santosh Kumar Sarangi, Additional Secretary & Director General, Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry (MoC&I), GoI emphasized the need for a mindset shift amongst trade regulators to keep in mind the changing export landscape. MoUs with private players, such as Amazon and DHL, assist small enterprises in joining global value chains by providing comprehensive services. Cross-border e-commerce exports offer a streamlined pathway to achieve Indias export potential and integration goals, crucially dependent on regulatory adaptation and infrastructure enhancement.

Mr. Mahendra Nerurkar, VP Payments for APAC MENA & LATAM, Amazon said Customer trust and convenience are crucial in cross-border payments. UPI, for instance, has truly transformed money transfers by simplifying the entire process. Technology has made commerce and payments more accessible. It has bridged the gap between traditional complexities, making commerce and payments more accessible. Many Amazon customers, for example, prefer the convenient prepaid wallet options.”