• Friday, March 29, 2024

Business

‘Inter-ministerial talks on to finalise India’s e-commerce policy’

Indian prime minister Narendra Modi (Photo credit should read MONEY SHARMA/AFP/Getty Images)

By: Shelbin MS

THE Narendra Modi government on Friday (23) said inter-ministerial talks were underway to finalise the national e-commerce policy soon, a move which is being mulled to promote growth of the sector.

Som Prakash, the Union minister of state for commerce and industry, said in a written reply to the Rajya Sabha, the upper house of the Indian parliament, that a draft of national -ecommerce policy has been prepared following detailed public consultations and valuable suggestions have been received from many stakeholders.

“Inter-ministerial consultations are being held to finalise the national e-commerce policy,” he said.

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In another reply on special economic zones, Prakash said a total of 336 units exited in the past three years and the reason for such outcome includes variations in international market conditions, slowdown of orders, merger of units and the ongoing Covid-19 pandemic.

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He however said that these zones have reached new heights in terms of performance in exports, investment and employment.

“Exports of Rs 22,840 crore ($3 billion) in 2005-06 has increased to Rs 759,524 crore ($102 billion) in 2020- 21; investment of Rs 4,035.51 crore ($542 million) in 2005-06 has increased to Rs 617,499 crore ($83 billion) (cumulative basis) by 2020-21 and employment provided to 134,704 persons in 2005-06 has increased to 2,358,136 persons (cumulative basis) in 2020-21,” he said.

The minister added that there is no provision to grant additional fiscal incentives at present. In a separate reply, he said imports from Hong Kong have seen a declining trend in the past two years while India’s imports from China have seen a dip in the past four years.

“There is, thus, a combined drop in our imports from China and Hong Kong in 2019-20, and 2020-21, when compared with 2018-19,” he said.

Exports and imports during 2020-21 from Hong Kong were $10.16 billion and $15.17 billion, respectively. India’s bilateral trade with Hong Kong has dipped to $25.33 billion in 2020-21 from $27.9 billion in the previous fiscal. Exports and imports during 2020-21 from China were $21.18 billion and $65.21 billion, respectively. India’s bilateral trade with China has increased to $86.4 billion in 2020-21 from $81.8 billion in the previous fiscal.

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