Global Cross-border E-Commerce to touch $800 Billion by 2025

The rapid growth of Global Cross-border E-Commerce is indeed remarkable. Reaching $800 billion by 2025 and potentially doubling to $2 trillion by 2030 signifies a massive transformation in how businesses operate and consumers shop.

Use of Information technology and computers in our life has also transformed the way of doing business. Continuous increase in internet users is also an important factor for growth of E-commerce. Increase in internet connections and smartphone penetration has created a huge scope for E-commerce in rural areas also.

India is indeed playing a major role in the digital revolution. Initiatives like Digital India and Aadhaar have played a crucial role in enabling digital access and services for a large portion of the population.

While India's total merchandise exports are currently at about $450 billion annually, China's e-commerce exports alone stood at $300 billion annually. As you can see, India's total exports are still higher than China's e-commerce exports alone. However, the gap is narrowing, and it's possible that China's e-commerce exports could eventually surpass India's total exports in the future. Having said that, both countries have the potential to become major players in the global e-commerce market.

Secondly, it is indeed exciting, and Russia's interest in increasing penetration of Indian products aligns with this trend. Russia has faced challenges with certain goods due to sanctions and supply chain disruptions. Indian products could potentially fill these gaps in sectors like apparel, home decor, pharmaceuticals, and food items.

For Russia, increasing imports of Indian products could help balance its trade deficit, particularly with Western countries. For India, increased exports to Russia would diversify its export markets and boost economic growth. The fact is, Indian products are often known for their competitive pricing compared to Western counterparts, making them attractive for Russian consumers.

It shows the potential, this sector holds for a country like India where product diversity and innovation is immense, and the ability of our entrepreneurs to gauge the requirements of specific markets and customise their products to cater to these markets is also huge.

Overall, it's a promising opportunity for the neighbouring and friendly countries to come together, but effective collaboration and addressing the challenges will be key to its success.