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01/06/2022 - Economy

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June 01, 2022

The acceleration of merchandise and services exports could potentially raise the trajectory of the Indian economy if India could capitalize on our exports potential. Discuss (200 Words)

Refer - Indian Express

Enrich the answer from other sources, if the question demands.

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IAS Parliament 2 months

KEY POINTS

·        India’s exports surpassing the pre-pandemic level of $331 billion in FY 2018-19 and reaching $418 billion in FY 2021-22 is certainly an achievement.

·        Total merchandise trade, including imports of $610 billion, amounts to $1.28 trillion for FY 2021-22. These milestones on the trade front are a sign of a rising India, which would certainly accelerate the growth and the increasing imports are a good sign given the high import intensity of India’s exports.

·        Schemes like the gold card scheme and interest equalisation scheme by RBI and the market access initiative by the export promotion councils are also useful.

·        If we go by India’s Trade Portal estimates, we find a huge difference in India’s exports potential and actual exports in many sectors, especially pharmaceuticals, gems and jewellery and chemicals.

·        India’s best endowment for the next couple of decades is its working-age population and its strength is in labour-intensive manufacturing.

·        However, we must avoid protectionism and inverted duty structures which may give temporary relief to domestic industries but will affect India’s overall competitiveness.

 

 

Manish 2 months

Please review for 15 marker

IAS Parliament 2 months

Kindly repost the answer.

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