Stating that the e-commerce has only made the country’s and state’s economy stronger, Union minister of state (MoS) for finance Pankaj Chaudhary on Friday said digital marketing has given a boost to the business of indigenous products and, thereby, helping India inch closer to becoming a $5 trillion economy.
“India’s e-commerce revenue is set to cross $350 billion by 2030 from the present 75 lakh crore dollars,” he observed.
The minister inaugurated a roundtable discussion jointly organised by the Indian Institute of Management-Lucknow (IIM-L) and Centre for Public Policy in partnership with the Department of Planning, Uttar Pradesh and Flipkart, to discuss the potential of e-commerce in augmenting the socio-economic growth of the state.
Speaking about the role of e-commerce in driving the growth of micro, small and medium enterprises (MSMEs) Chaudhary said, “Small-scale artisans, sellers and handloom weavers have started seeing e-commerce as a growth enabler and are increasingly opting to do their business online. Infrastructure investments, such as creation of more warehouses and better logistics networks, are also creating many jobs in the state.”
He said, “E-commerce platforms have enabled MSMEs to have access to a vast customer base, leading to increased sales and revenue. We are keen to see more MSMEs adopt digital commerce to expedite their growth.”
The event was aimed at discussions on opportunities and policies that will enable inclusive growth for MSMEs in Uttar Pradesh, between the industry, academia and the government. The discussions focused on economic empowerment of the state to make it a trillion-dollar economy.
Prof Archana Shukla, director of IIM-L, said, “At IIM Lucknow, we aim to create a learning environment that fosters innovation and inspires the next generation of entrepreneurs. E-commerce is a powerful means of driving the socio-economic development…”
Rajneesh Kumar, chief corporate affairs officer at Flipkart, observed that MSMEs can witness a multiplier effect through digitisation and adoption of e-commerce. “We (Flipkart) are committed to providing the right tools and technology to enable MSMEs and other sellers from UP, including ODOP partners, to scale up their entrepreneurial endeavors by leveraging the digital economy and contributing to India’s growth story.”
As part of the deliberation, two panel discussions were organized on topics “e-commerce as an enabler for MSME and entrepreneurship” and the “impact of e-commerce on state revenues”.