The size of India’s e-commerce market is estimated at $112.93 billion in 2024, and is expected to touch $299.01 billion by 2029, growing at a CAGR of 21.5% over this period, according to a report by Mordor Intelligence. 

By comparison, the US ecommerce market is estimated at just over $1 trillion in 2024, and is expected to increase to more than $1.4 trillion by 2028, according to a report by Ecommercedb.com.

The working session on e-commerce also saw India present its views on the importance of digital industrialisation and how this emerging segment of the global economy holds the promise of economic development and prosperity for developing countries, including the Least Developed Countries (LDCs), the commerce ministry said. “India stressed that all policy options should be available for the WTO members to pursue for promoting digital industrialisation,” the ministry said.

“With the digital revolution still unfolding and with increasing diffusion of technologies such as additive manufacturing and 3D printing, data analytics, artificial intelligence, internet, etc, there is a need for re-examination of the implications of the moratorium on customs duties on electronic transmissions, particularly for developing countries and the LDCs,” it added.

The WTO’s programme on e-commerce covered issues related to trade arising from global e-commerce, the protection of privacy and public morals and prevention of fraud, access to and use of public telecommunication networks and services, rules of origin, increasing the participation of developing countries in the e-commerce marketplace, protection and enforcement of copyright and trademarks, and enhancing the participation of developing countries and their small and medium enterprises (SMEs).

“India said that the developing countries need to focus on improving their domestic physical and digital infrastructure, creating supportive policy and regulatory frameworks, and developing digital capabilities,” the commerce ministry said.

“Through the digital public infrastructure (DPI) approach, India is promoting innovation, democratising technology and fostering a competitive ecosystem for digital businesses. DPI has spurred a national technology revolution in areas like commerce, credit, healthcare, payments, e-governance and citizen services, among others,” it added.

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Published: 29 Feb 2024, 05:51 PM IST