Despite global economic headwinds, India’s economy remains resilient and so does its exports. In 2023–24, the Indian economy is expected to grow at 6%–6.8%1
— the fastest among major economies worldwide. India’s overall exports (merchandise and services) is estimated to have touched $770 billion in FY 2022-23, with merchandise exports having grown to $447 billion, a 6% year-on-year increase2
. This makes the achievement of $2 trillion in overall exports3
as targeted by the Government of India and the estimated $200–300 billion4
in e-commerce exports by 2030 a plausible eventuality. The new Foreign Trade Policy (FTP), conceived to provide a fillip to the country’s e-commerce exports, is geared towards making India an exports powerhouse over the coming years.
Globalization and adoption of technology had already changed the dynamics of international trade
. The rise of cross-border e-commerce and a change in consumer shopping habits have opened up unprecedented vistas for small businesses and MSMEs in India to build international brands and deliver high-quality ‘Made in India’ products to customers in all parts of the world.