New Delhi, June 25 -- The Iran conflict has made two things clear: One, a new wave of globalization is coming, like it or not, from which further such shocks can't be ruled out; and two, dependable dollar inflows from export earnings need to grow handsomely.

In preparation of these new realities, India is striving to secure diverse export markets and integrate its economy into global supply chains. Besides obvious economic gains, this deepening of economic integration will also help increase India's strategic choices, reduce risks and build leverage in geopolitical relations.

A good way of growing Indian exports is to reduce trade costs, which are very high at present, especially for small and medium enterprises (SMEs). India's global r...