Maximizing Tax Saving Benefits for Youngsters Through Health Insurance Under Section 80D

30th July 2024  Pune, Maharashtra, India  In today’s world, where healthcare costs continue to rise, having adequate medical insurance is not just a prudent financial decision but also a crucial aspect of ensuring one’s well-being. In India, the government recognizes the importance of medical insurance and incentivizes individuals to invest in it through tax-saving provisions under Section 80D of the Income Tax Act. Understanding these benefits and leveraging them effectively can significantly reduce your tax burden while ensuring comprehensive healthcare coverage for you and your family.

Understanding Section 80D: An overview

Section 80D of the Income Tax Act, 1961, provides taxpayers with deductions on premiums paid toward medical insurance policies. These deductions are available for various categories of individuals, including self, spouse, dependent children, and parents. The maximum deduction limits and eligibility criteria differ based on the age of the insured individuals and whether they qualify as senior citizens.

Maximizing tax benefits with health insurance

Deductions for premium payments:

Under Section 80D, taxpayers can claim deductions for premiums paid toward medical insurance policies. For individuals below 60 years of age, the maximum deduction allowable is Rs. 25,000. However, for senior citizens, this limit increases to Rs. 50,000. Furthermore, an additional deduction of up to Rs. 25,000 is permitted for premiums paid toward medical insurance for parents below 60 years of age. This limit rises to Rs. 50,000 if the parents are senior citizens.

Preventive health check-up:

In addition to premiums for medical insurance, taxpayers can claim deductions for expenses incurred on preventive health check-ups. This benefit is subsumed within the overall limit specified under Section 80D. The maximum deduction allowed for preventive health check-ups is Rs. 5,000.

Policy selection flexibility:

To optimise tax benefits under Section 80D, individuals have the flexibility to choose comprehensive medical insurance policies covering themselves, their families, and their parents.

Key considerations for tax-saving health insurance plans

When selecting a health insurance plan for tax-saving purposes, several crucial factors should be considered:

• Comprehensive coverage: Ensure the chosen plan offers extensive coverage for medical expenses, including hospitalization, treatments, and pre-existing conditions, meeting your healthcare needs adequately.
• Premiums vs coverage: Compare premiums across different policies while assessing the scope of coverage provided. Opt for a plan that offers a balance between affordability and comprehensive coverage to maximize benefits.
• Family requirements: Consider the specific healthcare needs of your family members, including dependents and elderly parents. Choose a policy that covers critical illnesses, maternity expenses, and pre-existing conditions, providing comprehensive protection for all.
• Network of hospitals: Verify that the policy includes a wide network of hospitals and healthcare providers for convenient access to quality medical services without additional costs.

By prioritizing these factors, individuals can select a tax-saving health insurance plan that minimizes tax liability while ensuring robust healthcare coverage.

If you are looking for health insurance plans that provide comprehensive coverage and are available at an affordable premium, then you can choose a plan that best suits your needs through Bajaj Finance. This is your one-stop portal to compare and buy health insurance policies by leading insurance providers in the country. Each plan comes with its own set of benefits and coverage, and you can buy these plans through a 100% digital journey with minimum documentation.

Getting a medical insurance not only provides financial security in the face of medical emergencies but also offers significant tax-saving benefits under Section 80D of the Income Tax Act. By understanding the provisions of this section and choosing the right health insurance plan, individuals can effectively reduce their tax liability while ensuring comprehensive healthcare coverage for themselves and their families.

Disclaimer:

T&C Apply. Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third-party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalum MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely voluntary after you exercise independent due diligence on the suitability and viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer’s website for Policy Wordings. For more details on risk factors, terms and conditions, and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. URN No. BFL/Advt./23-24/266

Shriram Finance Ltd. Increases FD Interest Rates on Various Tenors

30th July 2024  Mumbai, Maharashtra, India  Shriram Finance Ltd. (SFL), India’s largest retail NBFC has increased interest rates on fixed deposits by 0.05 to 0.20 in various maturity tenures. The revised rates have come into effect from 9 April 2024.

Senior citizens aged 60 years or above at the time of deposit/renewal are eligible to earn an additional 0.50% interest per annum, while women investors can avail an extra 0.10% interest per annum. SFL will offer an additional interest of 0.25% per annum on all renewals. The Fixed Deposits are rated “(ICRA)AA+ (Stable)” by ICRA and “IND AA+/Stable” by India Ratings and Research. Deposits will be accepted in multiples of Rs. 1,000/-, subject to a minimum amount of Rs. 5,000/- . Cumulative deposits can be renewed for maturity value.

For Non-cumulative fixed deposits, SFL offers interest rates ranging from 7.85% to 8.80% per annum for terms spanning 12 to 60 months. The effective yield on Cumulative fixed deposits is between 7.85% to 10.50% per annum for the same tenure range.

All the above tenures will be available for both offline and online investments.

Umesh Revankar, Executive Vice Chairman, of Shriram Finance Ltd. said, “The revised term deposit rates aim to provide our Depositors with a range of attractive deposit rates. These revisions not only benefit depositors for wealth creation but also contribute to the objective of balancing and optimizing the overall cost of deposits.”

AI-zation of the Fleet: Dalmia Logistics Partners with drivebuddyAI Enhancing Driver & Fleet Safety with ADAS

30th July 2024  Ahmedabad, Gujarat, India drivebuddyAI, a pioneering leader in AI-driven solutions for the transportation industry, proudly announces the onboarding of Dalmia Transports & Logistics as its latest client. Operating within the dynamic cement sector in Kanpur, UP, Dalmia Transport has undergone a comprehensive three-month validation process of drivebuddyAI’s innovative ADAS technology, culminating in the decision to establish a strategic partnership underpinned by a mutually beneficial five-year engagement contract.

Mr. Naman Dalmia, the esteemed partner of Dalmia Transport, expressed his enthusiasm regarding the adoption of drivebuddyAI’s cutting-edge ADAS product. He articulated his confidence in the platform’s ability to revolutionize trucking operations by enhancing driver management and real-time risk aversion measures mainly due to driver fatigue, excessive phone usage, seatbelt non-compliance and overall driver behaviour, thus providing safer transit of goods and fostering a secure ecosystem for all stakeholders involved.

“Incorporating drivebuddyAI’s Advanced Driver Assistance Systems (ADAS) into our fleet serves multiple strategic purposes,” stated Mr Naman Dalmia.

Advanced Driver Assistance System (ADAS) technology help reduce a fleet’s chances of causing or being involved in, vehicular accidents. ADAS has advanced safety features such as collision avoidance systems, blind spot detectors, and driver drowsiness detection, which benefit both commercial and private vehicles and is revolutionizing fleet management in the process. In addition, ADAS works with video telematics to monitor drivers’ behaviour when on the road. AI Dashcams provide drivers with real-time audio warnings while segmenting and tagging recorded incidents, allowing us to monitor the fleet from the cloud management portal.

“We can easily identify new or risky driving behaviours. We can use the data to coach our drivers and help them improve. AI data equips our drivers with the skills to undo bad habits while mitigating future consequences. Data can also be leveraged to execute e-training modules, which can be shared with the drivers to help them develop good skills and increased confidence on the road.” added Naman while explaining the need to equip the fleet with ADAS & Surveillance cameras.

“We believe that we have the recipe to optimize fleet operations while improving the behaviour of the drivers over the period consistently with AI assistance, pro-active fleet monitoring & coaching drivers to help them overcome their limitations and leverage technology at its maximum level to reduce accidents and hence improve the TAT resulting efficiency for a fleet is the real ROI in logistics operations,” said Nisarg Pandya while interacting the usefulness of ADAS.

Dalmia Group since incepted in 1987 by Mr Anil Dalmia – Mr Naman’s father has seen exponential growth working with prestigious groups like Aditya Birla Group and brands like Hindalco, and Ultratech Cement. Later joined by Mr. Naman who’s an IT graduate and enthusiast ventured into the business in 2017. He believes that in the last ten years, technology has played an important role in streamlining fleet operation with the adoption of advanced GPS Tracking which helps in monitoring harsh braking, sharp turns, overspeeding, geofencing, route planning, tyre pressure monitoring, load monitoring, fuel utilization and theft detection. With the integration of ADAS in vehicles it has enhanced passenger, pedestrian, and driver safety and made driving more convenient.

Both Naman & Nisarg firmly believe that the right implementation of ADAS in the trucking industry can reduce driver fatigue by 80% & improve overall behaviour or risk reduction by 73%, improve TAT by 25-30% and reduce operating losses by 25% makes the implementation of ADAS & Surveillance cameras for the fleet more viable financially.

“My experience and interest in information technology helped me in transforming end-to-end material handling and logistics operation to a fully digitized process. My initiatives have earned me accolades and appreciation from industry experts. My fleets are fully equipped with advanced GPS tracking, fuel monitoring, tyre pressure monitoring, Tyre RFID Tracking, Load monitoring, ADAS and DMS. Our control tower which operates 24 x 7 x 365 monitors the movement of each and every vehicle providing on-road support to the vehicles and delivery updates to the customer,” said Mr. Naman Dalmia describing his enthusiasm about technology implementation in fleets.

“Dalmia Logistics specifically operate in the building and construction domain providing primary and secondary transportation and handling services to Ultratech Cement Limited. On an average, we handle and transport more than 65,000 Metric Tonnes of material per month. Integrating Advanced Driver Assistance Systems (ADAS) and surveillance technologies into fleet vehicles can indeed provide several advantages that may help a logistics company gain a competitive edge. It can position your logistics company as an industry leader, offering superior safety, efficiency, and reliability compared to competitors who may not have invested in these advanced capabilities. Remember, successful implementation requires proper training, maintenance, and data analysis. Leapfrogging the competition involves not just adopting technology but leveraging it effectively!” said Naman Dalmia in response to how ADAS can help the fleet leapfrog the competition.

“We have undergone a comprehensive three-month validation process of drivebuddyAI’s innovative ADAS technology. We chose drivebuddyAI for its unparalleled expertise in AI-driven solutions for the transportation industry. The comprehensive suite of products offered by drivebuddyAI, including its advanced ADAS and driver management capabilities, stood out as a perfect fit for our evolving needs. drivebuddyAI’s team make sure that the solution is installed and implemented in the way it can provide the best results. With the help of video telematic and data, the team provides training and feedback to the drivers and creates e-training modules, which can be shared with the drivers to help them develop good skills and increased confidence on the road,” said Naman while sharing his reason to choose drivebuddyAI for the ADAS requirements.

“We are excited for this partnership. India is evolving in safety aspects everywhere with consideration of Euro NCAP rating for buying a car to investing in AI products to ensure safety & operations optimization and leveraging data to coach drivers and take data driven decision to run logistics operations shows the maturity in the market and young enthusiasts like Naman Dalmia are taking the industry on the heights of leveraging technology & AI. We are happy to extend our services in Kanpur & nearby regions of UP & MP with Dalmia Logistics ensuring safety, driver behaviour improvement via ADAS & coaching.”

Avantor Emphasizes Importance of Collaboration, Leveraging Technological Advancements in India Biopharma Forum Series

30th July 2024  Mumbai, Maharashtra, India  Avantor, Inc., a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, hosted first-of-its-kind series of Biopharma forums across India in Bengaluru, Hyderabad and Pune to emphasize Avantor’s commitment to creating customized solutions for customers by identifying and addressing the challenges faced by Biopharma companies in India.

The Indian biopharmaceutical industry is rapidly expanding with increased investments in research and development, robust product pipelines, collaborations, and technological advancements. However, challenges such as constantly evolving regulatory compliances and price and quality control impede global competitiveness. The 2024 Avantor Biopharma Forums focused on critical topics including scale-up, risk mitigation, and cost optimization, which are crucial for addressing these challenges and driving growth in the biopharma industry.

To facilitate an enriching exchange of ideas for professionals within India’s Bioprocessing industry, the forums provided a platform for over 600 participants from some of the prominent biopharma players in India to engage with Avantor’s products and solutions, fostering knowledge exchange and collaboration within the bioprocessing community.

The highlight of the forums was industry panel discussions with biopharma experts from leading biotechnology and biopharmaceutical companies across the three cities. These discussions explored topics such as the current state-of-the-art in biologics manufacturing, overcoming critical challenges associated with process failure or yield, and the future evolution of biologics manufacturing and digital advancements across the industry

Dr. Ger Brophy, Chairman of Avantor’s Scientific Advisory Board, spoke about the Readiness for Changing Biological Molecules and Regulatory Environment(1) and shared his perspective about the ever-evolving regulatory environment in the country.

Highlighting the evolution of the industry, Mr. Narayana Rao Rapolu, VP, Biopharma and Applied Products Solutions, said, “The Indian biopharma sector is witnessing a rise with the introduction of high-quality, cost-effective biosimilars into the market. At Avantor, we recognize the significant challenges hindering the growth of biopharma companies. With innovative strategies emphasizing efficiency, quality, and affordability, we aim to generate a positive impact on the biopharma business while earning the trust of our customers.”

Dr. Nandkumar Deorkar, SVP Research and Development, Avantor, shared his insights about effectively managing the Total Cost of Ownership in Bioprocessing. “At Avantor, we work to simplify our customers’ scale-up processes thereby eliminating process steps. Avantor aims to create long-term, strategic partnerships within the industry by working closely with biomanufacturers to drive and foster cost optimization and improve biologics process efficiencies. We are proud to provide exceptional post-sales support and quality assurance, both are key decisive factors in for driving the success of at biopharma companies,” said Dr. Deorkar.

The Avantor Biopharma forums successfully brought the industry together for meaningful dialogue and exchange. The participants were appreciative of the knowledge-sharing sessions and engaging conversations.

8th Edition of Payoneer’s Global Flagship Event Set to Empower Service Export SMBs in India

30th July 2024  New Delhi, Delhi, India  Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s Small and Medium-sized businesses (SMBs) to transact, do business, and grow globally, has announced the 8th edition of its global flagship event in India, Payoneer Elevate.

Scheduled to take place in New Delhi on April 18, 2024, this one-of-a-kind event aims to empower SMBs engaged in service exports like IT, web and app development, programming and technical support, consulting and management, and digital marketing & sales looking to thrive in the rising, global economy.

Payoneer Elevate stands out as a marquee event, featuring influential thought leaders and policymakers from the industry sharing insights for international businesses, identifying global trends in service exports, and unlocking the next frontiers of growth for Indian SMBs.

The event will feature sessions filled with invaluable industry insights, led by influential thought leaders such as Sanjeev Bikchandani, Founder of InfoEdge; Jeet Vijay, CEO of MeitY Startup Hub; Naina Lal Kidwai, Chairperson of Rothschild India and Founder of India’s Sanitation Coalition; Pramod Bhasin, Chairman of ICRIER and Founder of Genpact Ltd; and Vani Dandia, Founder of CherryPeachPlum Growth Partners. Topics include “India’s Service Sector Supremacy: Key Drivers Shaping the Era of Transformation & Global Opportunities,” “Unlocking the People Potential for India @100: Harnessing the Young Workforce and Reimagining Recruitment, Retention, and Upskilling,” and “Lessons in Brand Building for India’s Service Sector.

Gaurav Shisodia, Vice President – India, Payoneer said “India’s service ecosystem is experiencing dynamic growth, positioning the sector with an average growth rate of 24% over the last two years. At Payoneer, we have witnessed an increase in our customer base in India by 54% in service exports-focused businesses since 2016 (as of Dec 31st, 2023), fueled by convenience, dedicated local support, and our commitment to support business growth for global expansion.”

“Elevate 2024 underscores Payoneer’s dedication to empowering businesses by facilitating learning, networking, and access to industry thought leaders and domain experts through curated sessions and workshops on pivotal topics of Finance, HR, and Growth.”

Through meticulously curated knowledge-led workstreams facilitated by domain experts, attendees will gain invaluable insights and effective strategies for international expansion. The workstreams will cover topics such as “Tax Tightrope: Navigating Taxation Implications for Businesses Eyeing Global Growth”; “Mastering Global HR: Hiring & Compliance,” “The Next Wave in Performance Management: From OKRs to Technology,” “Acing the Funding Juggernaut: Raising Capital – Bootstraps and Beyond,” “From India With Love: Shaping the Global Demand for ‘Made in India’ Services and Products,” and “The AI Disruption: How Artificial Intelligence and Data Analytics Will Drive Future-Ready Marketing,” among others.

Founded in 2005, Payoneer is a global multi-currency financial stack, supporting up to 11 of the world’s most traded currencies in 190+ countries and territories empowering cross-border businesses to effortlessly get paid, manage, and expand their international transactions. Payoneer’s local receiving accounts enable businesses to accept payments from global customers, vendors, and marketplaces in multiple currencies across borders. This allows SMBs to operate virtually in international markets regardless of their geographical location.

Edible palm oil refiners to see revenue spurt 10 percent this fiscal

Favourable prices to drive recovery in operating profitability; credit profiles to be stable

For domestic refiners of edible palm oil, revenue is expected to grow ~10% this fiscal on steady demand and higher realisations. Operating profitability is seen rising 40-50 basis points (bps) to ~3.5% owing to favourable prices and continuation of duty-free imports.

Healthy balance sheets and the absence of major debt-funded capital expenditure (capex), over the medium term, will keep the credit risk profiles of palm oil refiners stable.

A study of nine companies rated by CRISIL Ratings, accounting for a third of the industry revenue of ~Rs 75,000 crore, indicates as much.

Palm oil dominates edible oil consumption in India, with 38-40% share in volume. Palm oil is used largely in the food processing and hotels, restaurants and catering (HoReCa) segments, which account for 45-50% of the overall consumption. The household and industrial segments consume the rest.

Rising urbanisation and increased consumption of processed and outside food will keep palm oil demand firm. Hence, the industry is set to witness volume growth of 3-4% this fiscal to ~93 lakh tonne.

India has ample refining capacities but does not produce much crude palm oil (CPO) to feed the refineries and is dependent on the world’s largest producers — Malaysia and Indonesia — for over 90% of its CPO requirement. Over the years, the global palm acreage has stagnated owing to sustainability and environmental concerns, ultimately leading to price rise.

Says Rahul Guha, Director, CRISIL Ratings, “In the latest budget, the Government’s endeavour to strengthen the domestic production of oil seeds to support domestic availability was amply clear, but the outcome could be little long drawn. In the meantime global CPO output is expected to remain stagnant at 78-79 million tonne, leading to price rise of 7-8% this fiscal. Along with steady volume increase, this will lead to Indian edible palm oil industry revenues rising ~10% this fiscal.”

The operating margins of Indian refiners are set to improve 50 bps to ~3.5% on account of increased economies of scale, firm commodity hedging policies and continuation of duty-free imports of CPO.

Says Rishi Hari, Associate Director, CRISIL Ratings, “In fiscal 2023, the Government of India had extended the zero import-duty structure for CPO for two straight years until March 2025. The duty structure was earlier set to expire in March 2024. The import duty for CPO was as high as 40% pre-pandemic. The extension will help regulate domestic supplies and keep prices in check, whilst supporting profitability this fiscal.”

Strat-O-Matic Clubs Mark One Year With Huge Player Interest, Growth

More than 20 Clubs Active with 50+ in Formative Stages; Connecticut and New Jersey Clubs First to Surpass 12 Months

GLEN HEAD, N.Y, July 29, 2024—Last summer, Strat-O-Matic (@strat-o-matic), the market leader in sports simulation games, announced Strat-O-Matic Clubs, its first ever unified national club program. Players from across the U.S. got on board, with groups quickly forming.

A year later, more than 20 Strat-O-Matic Clubs, including the charter Clubs in Connecticut, New Jersey, Detroit, Philadelphia, Kansas City and Long Island (N.Y) are thriving, with hundreds of participants across all the Clubs. And more than 50 are developing, with fans inquiring about beginning their own in new locations daily.

“When we launched the Clubs program, we were confident that Strat-O-Matic players were looking for like-minded fans who enjoy getting together to enjoy their favorite game,” said Adam Richman, CEO, Strat-O-Matic Media. “We have been overwhelmed with the tremendous feedback, with many referencing the social nature of the Clubs, how they have met new players and how their groups continue to expand, with some participating in multiple Clubs every month.”

Fans interested in leading or joining a Strat-O-Matic Club are encouraged to email StratClub@Strat-O-matic.com, and check out details of current clubs and locations at https://www.strat-o-matic.com/strat-clubs. Club members receive discounts on game sets and other SOM merchandise, a personalized game card, exclusive Zoom with a Strat-O-Matic personality and other perks.

In addition to the Connecticut, Central New Jersey and Long Island locations, some of the most popular and active Strat-O-Matic Clubs are running in Florida, Tennessee, South Carolina, North New Jersey, North Kentucky, Georgia and California. Interest has been shown in more than 30 other states.

Share India IBT Introduces 50 Market Depth Feature Amidst Post-Budget Market Volatility

India, 29th July 2024 – Share India IBT, a new-age Indian broker firm, becomes the first and only platform to introduce a ground-breaking 50 Market Depth tool that empowers traders with cutting-edge solutions. Following the announcement of the 7th Union Budget, the market has experienced notable fluctuations and will continue to change in the coming days

With this feature, an equity trader would be adequately informed about comprehensive insights of the market liquidity and depth. Traders can, therefore, command over the particulars of buy and sell orders up to 50 levels beyond the best bid and ask prices.

Mr. Abhinav Gupta, President at Share India Securities said, “Announced in the Budget yesterday, the new fiscal policies compel equity traders to navigate the market volatility with informed decision-making. With our 50 Market Depth, traders could view real-time market dynamics and order flow to be able to capitalize on opportunities and cover risks much more effectively, making it an essential asset.”

In view of the evolving financial market, Share India IBT continues to enhance its platforms with robust features that meet the demands of modern traders. As the Union Budget aftermath is upon us, the company encourages traders to use the 50 market depth feature to stay ahead of market trends and make data-driven decisions.

Need for simplified regulations and enhanced logistics to boost MSME participation in global e-commerce: ISF

India, 29th July: E-commerce exports offer tremendous growth potential for Indian MSMEs, but currently see only 1% engaging in direct exports. To achieve the government’s ambitious target of $200-300 billion in e-commerce exports by FY 2030, it is essential to adopt more flexible policies and address existing challenges in customs, payments, and logistics. India SME Forum, the largest not-for-profit organization for MSMEs in India, hosted a ‘FireSide Chat’ titled “Plugging MSMEs in Global Markets: Harnessing the potential of B2C Exports” which explored the role played by e-commerce in enhancing the export potential of MSMEs and the imperatives for conducive regulatory policies.

E-commerce provides a unique opportunity for MSMEs, requiring minimal initial investment and enabling participation from diverse sellers across India. As awareness and interest grow, driven by ease of entry and global reach potential, businesses are increasingly embracing this avenue. To further accelerate growth, simplifying regulations is crucial. Experts commend the Central Government for promoting MSME e-commerce exports through new policies, including establishing e-commerce export hubs. These hubs, offering services like warehousing, packaging, and shipping, reduce operational costs and provide essential regulatory and compliance assistance, easing international trade navigation. However, despite these initiatives, challenges remain, particularly due to financial and regulatory barriers. High EDPMS closure charges can consume up to 50% of shipment value, making exports unviable for small parcels. The RBI’s 25% variation limit on payment reconciliation is often insufficient for transactions with high price variability. Increasing this limit to 50% and extending payment realization periods to 18 months would better support MSMEs and align with best global practices.

Additionally, customs reforms are essential to facilitate e-commerce exports. The primary policy proposal is to simplify and expedite the customs clearance process for certain low-risk shipments through pre-emptive assessments and automated procedures. This includes establishing separate customs supervision codes specifically for cross-border e-commerce trade to ensure faster clearance, streamline payment procedures, and enhance data collection for policy making.

Mr. Bipin Sapra, Partner, EY – “Indian MSMEs have tremendous potential to excel in global e-commerce markets, but they encounter several challenges, including high shipping costs, complicated customs procedures, and cumbersome returns management. To address these issues effectively, we must implement global best practices and establish dedicated export facilitation mechanisms. This includes adopting forward-deployed strategies to streamline returns, leveraging digital tagging for better tracking and management of shipments, and enhancing our overall logistical infrastructure. By tackling these challenges head-on, we can simplify the export process and significantly boost the ability of our MSMEs to compete and thrive on the international stage.” 

Mr. Bhupen Wakankar, Director – Global Trade,  Amazon, said, “E-commerce is unlocking vast global opportunities for Indian MSMEs to tap in large consumer demand across the world. This demand stretches across categories like Home & Kitchen, Apparels & Textiles, Consumable Products, Toys and many more categories. The application of technology in cross border logistics, payments as well as in areas like market access and market intelligence has been instrumental in helping Indian MSMEs expand their reach beyond domestic borders.  The government’s proactive measures, including the recent announcement of Ecommerce Export Hubs and ongoing investments in digital infrastructure, are pivotal to this growth. These initiatives are set to provide essential support for businesses navigating international trade complexities. Continued support and simplification in areas such as customs compliance, cross-border payments, and logistics will further accelerate the growth of this sunrise sector.”

Mr. Vinod Kumar, President, India SME Forum, said, “In today’s interconnected world, the global marketplace offers unprecedented opportunities for Indian MSMEs to thrive. The path to successful international expansion lies in addressing key challenges like customs compliance, logistics, and cost management. By harnessing the power of digital tools to understand and meet customer preferences, and by advocating for policy reforms to ease export processes, we can empower our small and medium enterprises to compete and excel on the global stage. It is through such concerted efforts that we can transform the potential of Indian MSMEs into tangible success stories across borders.”