A recent Mackinsey report states that India will generate about $10 billion e-commerce opportunities by 2003.

The passing of the IT Bill in June will fuel the growth in Indian e-business.

The growth is estimated to cross Rs 2,500 crore. Nascom expects to end with Indian e-commerce revenues exceeding Rs 10,000 crore, 80 per cent of which will be from Business-2-Business e-commerce.

The launch of the B2B portal just might lead the new era in e-biz with buying and selling opportunities converting to actual transactions on the net in a secure and transparent environment.

Orbit Cybertech executive director Pujit Agarwal said, "Initially Orbit Cybertech will start off with registrations from the steel industry."

The Indian steel companies are turning net-savvy to reap the benefits of e-commerce.

Companies like Sail and Tisco have drawn up strategies to facilitate sales over the Net.

Ispat Industries have launched a site and Jindal Strips Limited will soon launch one.

The global industry is worth $700 billion, it is estimated $32 billion worth of steel to be sold through Internet portals by 2001.

Orbit Cybertech has confirmed registration from the Jindal Group. Jindal Group of Companies director Neeraj Jindal said, "Using the net for exchange of information and carrying out full transactions is at the core of being competitive.

Trading on the Orbit portal is appealing for us and this can also be a big opportunity for more than 5,000 of our suppliers who gain from the Business-2-Business portal which provides access to all major prospects from the steel industry and service providers like banks, shipping and transportation agencies."

Republished from Asian Age