Focus on export-led growth

03 FEB,2020 | MEDC


 

The ongoing US China trade war presents India an unprecedented opportunity to position itself strategically as a dependable export hub. In this regard, the vision of the Prime Minister that each district should develop as an export hub is commendable. Budget 2020 has attempted to create institutional mechanisms to this effect. Growth in exports provides a much needed pathway to job creation in the economy. It will also ensure that we do eventually join strategic alliances like RCEP, which could open up vast markets for our goods and services. If India is to become a major exporter, it will need to identify and specializein its areas of comparative advantage, along with considerable attention being paid simultaneously to infrastructure development. India currently has a low level of participation in global value chains, and that prevents us from optimizingour economic potential.

*Photo Credit: Google

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