E-commerce giant Amazon is eyeing exports worth $25 billion from India by 2025, as the Make in India initiative by the central government has started reaping fruits, a top official said.
During an industry event, Bhupen Wakankar, director of global trade, at Amazon, told Reuters that the online platform witnessed a huge demand for Indian products which include bath towels, jute rugs, and robotic games ahead of the Black Friday Cyber Monday sale.
"We are very encouraged by the number of entrepreneurs who signed up this year. We are looking to scale up," said Wakankar.
He further noted that Amazon has added more than 100,000 small manufacturers to sell a wide range of products to overseas customers.
"Some of the sellers are first-time exporters, including those who left their corporate jobs to start e-commerce exports," he added.
To encourage new sellers, Amazon has also slashed the subscription fees for its global selling programme from $120 to $1 for the first three months for exporters signing up before March 31.
A few days back, India's Ministry of Commerce and Industry revealed that the country's overall exports in September 2023 is estimated at $63.84 billion, representing a negative growth of 1.20 percent compared to the same period of the previous year.
A few days back, the Export-Import Bank of India, also known as India Exim Bank predicted that the country's merchandise exports are expected to grow 6.3% year-on-year to $111.2 billion during the fourth quarter of this year.
"Positive growth in India's exports could be a result of an improvement in India's GDP growth outlook and the expected easing of monetary policy globally," said India Exim Bank.
The financial institution added: "The outlook is, however, subject to the risk of uncertain prospects for advanced economies, geopolitical shocks, and deepening geo-economic fragmentation, among other factors."