4 Things To Know About 'Bharat Craft', The Indian Answer To Amazon And Alibaba
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
To bring vast benefit in the MSME sector, Government has announced to launch E-commerce portal ‘Bharat Craft’ in India. By functioning on the lines of Alibaba (e-commerce giant in China), MSME sector would gain profit drastically. Minister of Small, Medium and Micro Enterprises and Road highways and Transport, Nitin Gadkari announced about it in an event in Mumbai and said “This portal will act as a direct interface between sellers and buyers; also, we have a target of achieving big figures as the turnover under this project of the government will be big”.
4 things about ‘Bharat Craft’ which would help in Ecommerce furtherance
Government has announced to achieve the target of Rs 10 Lakh Crore in the few years which would benefit MSME in a big way. By competing with the e-commerce giants like Alibaba and Amazon, Bharat Craft will receive a boost towards growing economy.
Indian e-commerce market is expected to grow 210 Billion US Dollars in 2026 from 40 Billion US Dollars in 2019. This initiative of Bharat Craft can play a vital role in escalating the figure graph of the ecommerce market along with the rise of Indian economy
India’s Business giant and Asia’s Richest man RIL owner Mukesh Ambani has announced his plans to play his cards in e-commerce industry through new online platform. Associating with the Business merchant prince of India, Bharat Craft will get a strong financial backup to run within competitive tracks against Amazon and Alibaba in India.
Adopting the PPP (Public Private Partnership) agenda, government has welcomed the private companies to fix in the Bharat Craft e-commerce platform, India’s Blue Chip PE firms are seeking opportunities in this sector, by which financial backing of the ecommerce platforms can become strong.
Government has already allowed 100% FDI in India. 100% FDI under automatic route is permitted under marketplace model of ecommerce in the country. FDI capital inflow in the ecommerce business in India would assist the government to achieve around 200 Billion Dollars in the coming years. Minister of MSME said “We will fulfill PM Modi’s dream of achieving 5 trillion dollar economy by the policies of MSME and SM and in the coming years this strong step towards better economy would come along employment and better growth of ecommerce industries in India”.