June 8, 2015 8:34 PM

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E-commerce to grow at 10-15% annually: Jayant Sinha

Minister of State for Finance Jayant Sinha has said that the e-commerce sector will grow at a rate of 10 to 15 per cent annually, higher than the GDP growth rate, in coming years. Speaking at the Express Industry Council of India conference in New Delhi today, Mr Sinha said, the economy will more than double to 4 to 5 trillion dollars if it can achieve a sustainable growth rate of 8 to 9 per cent over the next 10 to 15 years. He said, with the growth in the economy, the volume of transactions on the e-commerce platform will also go up exponentially. Mr Sinha said, the government is going to further streamline and digitise e-commerce transactions to make flow of goods easier. He said, the whole logistics infrastructure, because of e-commerce, is going to change. The Minister also asked the Express Delivery Services industry to prepare itself for roll out of new indirect tax regime Goods and Services Tax, GST from April next year. According to a study, e-commerce industry is set to cross business worth 16 billion dollars by the end of 2015. The digital commerce market in India has grown steadily from 4.4 billion dollars in 2010 to 13.6 billion dollars in 2014.

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