The survey, conducted between April 30 and May 12, 2025, interviewed 5,750 businesses across 13 global markets, including 250 Indian firms with international operations and annual turnover between $50 million and $2 billion. It highlights how Indian companies are rethinking growth, investment, and expansion strategies in response to a shifting global trade landscape.
“Indian businesses are demonstrating remarkable resilience and adaptability in the face of global trade uncertainties,” said Runa Baksi, Head of Global Trade Solutions, HSBC India. “The findings of HSBC Global Trade Pulse Survey highlight a pivotal shift, with Indian firms recalibrating their focus toward domestic markets and actively exploring new regions to mitigate risks and seize emerging opportunities. This dual approach underscores the agility of Indian enterprises in navigating complex trade dynamics while maintaining an optimistic outlook on growth.”
Trade policy shake-up prompts strategic shift
The report reveals that 76% of Indian firms are reassessing their long-term strategies due to changes in trade policies, and 80% are exercising increased caution in expansion and investment decisions. Trade-related uncertainties are also influencing decisions on market exposure and partnerships.A large majority—91%—of Indian businesses are looking to enter new markets, especially in regions less affected by trade disruptions. In parallel, 82% are exiting high-risk markets and 87% are exploring mergers and acquisitions to either strengthen their supply chains or bolster market positions.
Managing costs and risks
Cost pressures are also mounting. Some 83% of Indian firms, above the 73% global average, expect a “substantial rise in cost in the next six months due to trade uncertainties.” Within this group, 51% cite tariffs and other trade-related factors as key concerns. To manage these rising expenses, 42% of firms have already adjusted prices, while another 48% plan to follow suit.
Inventory management is also in focus, with 45% of Asian firms already increasing stockpiles and another 48% of Indian firms planning similar measures to buffer against supply chain disruptions.
Optimism persists despite disruption
Despite the challenges, Indian companies remain optimistic about future growth. A strong 96% of firms in India express confidence in their international growth prospects over the next two years—well above the 89% global average.
This optimism is reflected in increased interest in trade with the USA, South Asia, and the Middle East. Moreover, 80% of Indian firms believe that trade uncertainties have spurred business evolution and new opportunities.
Over half of Indian respondents—56%—are actively seeking support in crisis planning and business resilience, while 53% require better tools to manage trade risks effectively.
The HSBC Global Trade Pulse Survey provides a snapshot of how Indian firms are adapting their strategies as they navigate a turbulent global trade environment. As businesses shift gears, the focus is clear: local strength and diversified global reach are becoming the new pillars of resilience.
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