Indian exports have been falling since the start of 2015 and the Indian Government is now alarmed regarding their promises of achieving exports worth USD 300 billion by end of 2016. Therefore it has tasked the Indian Post with the mission to devise an international ecommerce hub for export/import, in the B2B niche. Moreover, the Indian Gov will provide subsidies for international shipping, using India Post’s platform.
Through this portal, any Indian seller or buyer can connect with any businessman from any country, and easily conduct trade. As per insider reports, this model of creating an online marketplace for B2B business has been inspired from Alibabas operations. Several niche features of Alibaba’s online portal may be incorporated into this new project from Indian Gov.
India Brand Equity Fund (IBEF) which is a trust created by Department of Commerce, Ministry of Commerce and Industry under Government of India, will design and develop this B2B portal. IBEF has been assigned the responsibility to propagate and advertise ‘Make in India’ initiative in overseas market. Thus, launch of this new B2B portal for International trade can be later merged with ‘Make in India’ initiative as well.
It has been made clear that all payments would be conducted on this portal itself, and no collaboration would be allowed for transactions. This will ensure safety and assurance of all financial transactions. Besides, vendors would be verified before integrating them into the system. IBEF will announce tenders for this new ecommerce hub for Indian sellers/buyers very soon. We will keep you updated as more details come in.
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