TradeTech set to revolutionise cross-border trade for Indian MSMEs

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The ecommerce exports sector in India is at an inflection point, driven by the confluence of robust manufacturing capabilities and an expanding global appetite for high-quality, sustainable, and culturally rich products. Industries such as handicrafts, gems and jewellery, textiles, and herbal products are emerging as formidable ambassadors of India’s craftsmanship on the global stage. Bolstered by the Make in India initiative, Indian manufacturers and MSMEs are leveraging their deep expertise and heritage to cater to discerning international markets, positioning India as a hub of innovation and excellence.

According to recent reports, India’s export value exceeded Rs 36 trillion in FY2024, reflecting a sharp uptick in global demand for Indian products. Gems and jewellery alone contributed 15.71 percent to the nation’s merchandise exports, while handcrafted goods and textiles continue to capture the imagination of consumers worldwide. However, as the sector strives toward its ambitious $200 billion target by 2030, the journey demands both strategic foresight and operational excellence to overcome persistent challenges like high shipping costs, complex customs processes, and underdeveloped infrastructure.

India’s progress in global ecommerce exports is not merely a story of volume but one of transformation. It highlights a shift toward value-added goods, sustainability-led innovation, and a reimagined export ecosystem. As Indian businesses continue to gain global traction, their ability to embrace digital tools, enhance supply chain agility, and meet the stringent quality benchmarks of international markets will determine the pace and scale of this remarkable journey.

India’s MSMEs form the backbone of our economy. These powerhouses employ over 110 million people and contribute 45 percent to our total export volume. The biggest challenge these MSMEs face when exporting globally is the lack of reliable and transparent information on policies and compliance and the need to work with multiple partners for each step of the enablement process. Global ecommerce enablement platforms remove this information asymmetry by providing a one-stop platform to help MSMEs sell their products globally with full compliance. This year, the introduction of ecommerce export hubs has emerged as a transformative initiative, which will reduce order-to-shipment timelines from days to hours and dramatically enhance competitiveness. These hubs will bring global markets within reach for MSMEs, empowering even the smallest enterprises to establish their presence in regions such as the US, Europe, and the Middle East.

A recent McKinsey report highlights the untapped potential of these businesses, projecting their capacity to amplify export contributions to $1 trillion by 2030. These numbers are not just aspirations—they underscore how MSMEs can be the foundation to position India as a global superpower by 2047.

In addition to infrastructure, platforms powered by TradeTech have emerged as enablers, integrating data analytics for demand forecasting, logistics optimisation, and seamless compliance checks. This has lowered barriers to entry for global trade, ensuring that MSMEs not only survive but also thrive in the international marketplace.

Tradetech is a partnership between the UAE government and the World Economic Forum (WEF) to accelerate digitalisation, as well as adopting technology to ensure smooth and improved international trade. It amalgamates a set of technologies to enable an efficient, inclusive and equitable global trade system. This includes the Internet of Things, artificial intelligence, blockchain, and others, that have the potential to revolutionise the trading process, according to the WEF.

As we approach 2025, TradeTech is set to revolutionise cross-border trade for Indian MSMEs. This suite of technologies—including blockchain, AI, IoT, and digital twins—is transforming traditional export processes into seamless, efficient, and secure digital operations. Blockchain, for instance, ensures transparency and reliability in trade finance through smart contracts, while AI and big data analytics unlock market insights, enabling businesses to tailor offerings to global consumer demands.

With India's ecommerce market projected to reach $200 billion by 2026, the integration of TradeTech within ecommerce platforms is pivotal. These platforms simplify international trade for MSMEs by providing comprehensive tools for inventory management, order processing, and demand prediction, thus bridging the gap between ambition and execution.

However, to fully harness the advantages, the ecosystem requires simplified regulatory frameworks. Streamlined customs processes, digitised documentation, and supportive policies will enable MSMEs scale at speed, addressing the current bottlenecks in scalability and market access.

The journey to achieving the $1 trillion export target might get easier with TradeTech as it will offer the tools to realise this vision. However, its success hinges on collaboration between stakeholders—governments, technology providers, and MSMEs.

As we look to 2030 and beyond, India's MSMEs are positioned to lead a global movement, embodying agility, creativity, and craftsmanship. With the right technological enablers and policy support, the impact on the global stage will not only redefine India's economic landscape but also cement its legacy as a leader in the global ecommerce revolution.