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India’s growth will ride on trade surge, women participation: Niti Ayog

India must focus on expanding trade

India must aim to integrate into global value chains (GVCs) and adapt swiftly to emerging trading systems, the Niti Aayog has said. Besides, enhancing traditional exports of India, increasing female labour force participation in trade, state and district level integration into the supply chain  will be key, it said.

The Niti Aayog, which organised a workshop on “Inclusive Trade for Growth & Prosperity” highlighted the need to enhance and widen domestic outreach, ownership and implementation of New Delhi Leader’s Declaration (NDLD) outcomes in the areas of inclusive trade for growth and prosperity, and resilient supply chains. Skill development will also be critical, it noted.

India needs to address various anti-dumping issues while fostering free trade agreements with potential partners, Niti Aayog’s member Arvind Virmani said. India is now aggressively looking at inking bilateral trade agreements. Last year, New Delhi signed trade agreements with the UAE and Australia. Talks are on with the UK and a host of other countries as well.

Virmani, who was speaking at a workshop on inclusive trade for growth and prosperity, also underlined the need to focus on key areas such as labour-intensive supply chains, simplifying taxation system, institutional factors for policy framing, integrating payment, refund and export credit system especially for micro small and medium enterprises.

Expansion of trade will be key for India as it aims to touch the $5 trillion economy.

Also read: IMF raises forecast for India’s GDP growth in 2023 to 6.1%, keeps China at 5.2%