Maintain export growth

09 MAY,2022 | MEDC


 

Policymakers need to ensure that India's most value-added exports (viz. engineering and electronic goods) witness sustained growth, and that this dynamism spreads to labour-intensive sectors like garments and leather goods. This will necessitate an upgrade of trading infrastructure – both hard and soft. India also needs to take stronger steps on market access for its exports by facilitating new trade agreements that lower overall tariffs. Hopefully, no further tariff hikes to protect domestic industry are proposed, as they come at a high cost regarding access to global supply chains. A rational tariff structure promotes economic competitiveness by weeding out inefficient players. Rising exports is a key determinant of economic growth, and everything possible needs to be done to incentivize it.

*Picture Credit: Google

 

 

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