India, Jan. 30 -- The government of India had set an ambitious target of achieving $1 trillion in merchandise exports. However, India remains far from realising this goal, with merchandise exports standing at around $437 billion as of FY 2024-25. This shortfall is also reflected in India's low and largely stagnant share in global exports, which has hovered around 2% for some years. In the current global environment, characterised by supply-chain realignments, India has an opportunity to significantly expand its export footprint. To seize this opportunity, the Union Budget 2026 should prioritise a competitiveness-driven trade reform agenda. A fundamental principle to keep in mind is that cost-efficient imports are essential for scaling exp...