Despite its geo-political upheaval, our export story is turning into one of reform and resilience. Between April and August 2025, exports rose 5.19% to USD 346.10 billion, even as global trade slowed. This growth, in my view, reflects a shift from policy rhetoric to execution. The Foreign Trade Policy 2023, PLI schemes, and PM Gati Shakti have begun to deliver rather than just offering incentives. I see marked improvement in logistics, digital infrastructure, and competitiveness to name a few.
The export mix too is evolving, which is a great sign of things to come. From textiles and gems, we are slowly yet steadily moving into electronics, engineering goods, and pharmaceuticals, with electronics exports alone up over 40%. Even agriculture is finding global footing, powered by better connectivity and policy support.
Geopolitics, however, remains tricky. The US tariff actions on Indian goods are a reminder that trade diplomacy can quickly turn protectionist. We too must find new partners. Therefore, deepening ties with the UAE, UK, Australia, and other Asian partners to build more resilient export routes and reduce over-dependence on a few markets is the way out.
But beyond policy and numbers lies a deeper concern, which is the condition of MSMEs. They form the backbone of the nation's export engine yet still battle credit barriers, compliance burdens, and inspector-raj remnants. The sharp rise in Udyam registrations, now crossing 3 crore, looks impressive on paper. But we all know that registration alone does not translate into growth if small firms remain stuck in bureaucracy or struggle to access timely finance.
That said, I see growing optimism at the grassroots. Many MSMEs are digitising operations, exploring e-commerce exports, and finding customers through B2B platforms. This I will say is a quiet but powerful shift that is starting to redefine our country's industrial landscape. If backed by consistent policy and easier credit, these enterprises could turn the current export momentum into a long-term structural advantage.
India’s USD 1 trillion export target may be ambitious, but ambition, backed by reform and resilience, has always been the country’s most powerful export. I have no doubt whatsoever that our MSMEs can't achieve this target!
