Exporters must tap emerging markets: IIFT expert

Kolkata: Indian exporters, particularly small and medium-sized enterprises, need to diversify and tap into emerging markets as traditional and developed markets continue to shrink, said K. Rangarajan, Professor and Head of the Indian Institute of Foreign Trade (IIFT),

Kolkata campus.

Highlighting that countries in the Commonwealth of Independent States (CIS) recorded a robust 4.4 percent growth in merchandise trade in 2025, while India’s merchandise exports grew at a modest 2 per cent, Rangarajan noted that traditional markets are not only contracting but also facing intense competition.

To bridge this gap, he recommended micro-level interventions to strengthen India’s merchandise export performance.

Rangarajan was speaking at a special session organised by the Merchants’ Chamber of Commerce & Industry (MCCI) on the theme “India’s Export Ambitions: Trade Strategy to Achieve Two Trillion US Dollars by 2030 and How Tariffs Are Reshaping Businesses.”

Despite the severe disruptions in global supply chains, he observed, businesses have shown resilience and adaptability. The world merchandise trade volume, he noted, has grown by 2.9 per cent in 2024-25, reflecting the sector’s capacity to navigate global challenges.

He also pointed out that among the 12 major international trade corridors, India’s corridors are considered among the safest, attracting significant traffic from countries across the globe.

Rangarajan projected that global trade will grow by 12 trillion US dollars by 2035 in a baseline scenario, representing a 35 per cent increase over current figures, to reach an estimated 45 trillion US dollars. He added that after July 9, 2025, international trade might witness a favourable shift, potentially benefiting Indian businesses.