Micro, Small and Medium Enterprises (MSMEs) are driving about 40 per cent of India's overall exports and contribute approximately 6.22 per cent to the country's GDP, said a recent survey by Shiprocket X.

"With around 63.4 per cent million units spread across the geographical expanse of India, MSME exports are going to play the role of a catalyst in restoring the strength of the Indian economy", said the survey.

Talking about the overall export industry, the findings said that India currently ranks 9th in global cross-border growth.

India's total merchandise exports crossed USD 100 billion mark, for the second consecutive quarter in a row, during the October-December quarter of FY22. The total export revenue stood at USD 417 billion in FY22.

In addition to the role of MSMEs, the survey highlighted the growing opportunity for cross-border e-commerce trade. It is to be noted that, cross-border trade represents 20 per cent of global e-commerce.

The survey stated that the post-pandemic shift of retailers from brick-and-mortar establishments to e-commerce both locally and globally, has played a significant role in India's cross-border trade growth. Further, the increasing acceptability of Indian products in the international retail market coupled with changes in consumer buying behaviors are contributing to the growing opportunity in the global e-commerce trade.

"With the unstoppable growth of e-commerce in India, we are on track to become the second-largest e-commerce industry in the world, making it easier than ever for our small businesses to access global markets", commented Akshay Ghulati, Co-founder, Strategy and Global Expansion, Shiprocket.

As per a paper by The Federation of Indian Micro and Small and Medium Enterprises (FISME), e-commerce export potential is projected to be in the range of USD 200 to USD 300 billion by 2030.