Through the adoption of e-commerce and digital payment small businesses got a great opportunity to export $526 billion. As per the reports and surveys, this will be more beneficial to small-scale businesses. Out of this $313 billion market for India’s artisans of handicrafts, tribal products, and germs and jewelry exporters. That means 60 percent of exported items come under the category of goods. Nearly 19 percent of the total export goods are leather products, electronics, handicrafts, etc.
This digital adoption open windows to entrepreneurs and small businesses to enlarge their wings and provide an opportunity to rework their model of business from offline to online. The main advantage of this online shopping adoption has opened a platform for customers to purchase custom made goods as per their need from anywhere in the world.
$70 billion worth of total exports made by non-business-to-business exports. Handicrafts had the lowest export market share worth $2 billion and gems and jewellery had the highest share worth $ 34 billion. Followed by readymade garments by $16 billion, leather products by $5 billion, and electronics by $3 billion respectively.
In this year PayPal may have introduced an automated process for MSME exporters and freelancer to obtain the monthly Foreign Inward Remittance Advice (FIRA). Through this PayPal account, PayPal customers can download their monthly digital FIRA issued by the bank free of cost. Individual request or seller to place manual does not require for this automated process. Foreign Inward Remittance Advice (FIRA) is a document considered as proof for all payments received from abroad and all inward remittance.
In collaboration with the digital lending platform Flexi loans, PayPal had started to provide collateral free business loans to freelancers, women entrepreneurs and sole proprietors. And also took initiatives for MSME for the expansion of business, purchasing stock, inventory and other expenditures related to business. Applicable borrowers can get a term loan from RS 50,000 up to Rs1 crore for a period time ranging from 6 to 36 months.
During this pandemic, this is useful to entrepreneurs and small business for their existence.
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