New trade policy

16 SEP,2019 | MEDC


 

The global economic uncertainty is affecting India adversely and straining our balance of payments. The need of the hour is to design and implement trade reforms in a timely manner by a competent arm of the government. If we are to achieve international competitiveness, we need to get our tariff levels down to ASEAN levels in the next two years. The average tariff level in India for non-agricultural produce is 13.6%, compared to 5.2% in Malaysia, 7.3% in Thailand, and 8.4% in Vietnam. In today’s world, we can’t afford to have such rates. Transaction costs need to decline, by gradually shifting to a cashless digital economy. With a falling cost of digital payments over the years, this is doable. India also needs to thoroughly cleanse its trade policies of outdated priorities and take a more proactive stance in global trade negotiations, if we are to become a $ 5 trillion economy over the coming five years.

*Photo Credit: Google

Comments



Featured Posts



Recent Posts


EMERGING ISSUES IN AEROSPACE INDUSTRY: AN INDIAN PERSPECTIVE


Tourism and its contribution to the Economy


Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra


De-coding skills-based pro-bono


FOOD PRICE VOLATILITY


Food Inflation in India: An Assessment




Archive




© Copyright 2019 MEDC, All rights reserved
Website Design and Develop By: SCI Knowledge Interlinks