The Modi government will present a second full-year budget of its second term today. In this year's budget, the Centre is expected to take measures to promote e-commerce exports and imports by extending 'bulk clearance' facility. The decision is expected to provide growth to this fast-growing segment.The Centre aims to strike a balance between control and facilitation in the e-commerce sector, which has seen a multi-fold increase in growth with a significant volume of products imported into and exported out every year.
The move will also save cost to traders who have to submit individual or separate clearance documents for each package that's imported or exported with the Indian customs department. Experts also believe that it's important for the Centre to formulate a policy for bulk clearance of e-commerce shipments and imports. This will allow seamless operations and provide a boost to the e-commerce sector. There's also a need to adopt a simplified process in case of return of e-commerce shipments, they add.
If the process gets simplified, it'll 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 e-commerce trade,'' Federation of Indian Export Organisations Director General Ajay Sahai told PTI.
Finance Minister Nirmala Sitharaman will present her third budget today. In a first, the budget documents will not be printed due to coronavirus pandemic and will instead be distributed electronically to the Members of Parliament (MPs). All MPs will get soft copies of the budget and Economic Survey that contains an account of the state of the economy.
Also read: Budget 2021