Greater collaboration between the government and the private sector are needed for developing trade-smart schemes that have long-term sustainability to the growth of Indian industry. Discuss (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 5 years
KEY POINTS
· The first important trigger for change occurred in 2013-14 when India’s per capita GNI (Gross National Income, earlier referred to as GNP or Gross National Product), assessed by the World Bank, breached the threshold of $1,000.
· This development had a ripple effect in India’s status as a ‘developing country’ under the WTO’s Agreement on Subsidies and Countervailing Measures (ASCM), which regulates, among other aspects, export subsidies
· In anticipation of the inevitable, the government has been undertaking suitable steps, such as emphasising that Indian industry should reduce its reliance on export incentives and has to reinvent itself by increasing its competitiveness in the global market based on increased productivity of resources, improved quality, better efficiency and increasing reliance on data-driven business strategies.
· A meaningful trade policy framework needs to be rooted in an evidence-based approach, and rely on microeconomic data from the industry to enable targeted decision-making based on trade data analytics.
· Indian industry will also need to be proactive and establish appropriate mechanisms to capture data at the granular level, through innovative changes in accounting systems.
· The shift from export growth to broad-based employment and economic growth was highlighted in the Baba Kalyani report as well. This will also enable the new policy to shed the legacy of India’s 1991 balance of payment crisis and look at the world with a new and aspirational approach and a perspective of global leadership.
· The ability of the government’s policy to have real benefits will also depend on the extent to which Indian businesses can provide crucial strategic inputs to the government, a theme which was discussed at a recently held CII conference in Mumbai, on the Global Trade Scenario, aptly titled ‘Navigating the New Normal’.
· Large industry houses, especially, will need to be better equipped with research and appropriate skill-sets, and apportion resources to be able to compliment and supplement government efforts.
Vendhan 5 years
Ti
IAS Parliament 5 years
God attempt. Keep writing.
DHARU 5 years
Kindly review!!
IAS Parliament 5 years
Good attempt. Keep writing.
Abhilasha 5 years
Please review
IAS Parliament 5 years
Good attempt. Keep writing.
Shivangi 5 years
Please review.
IAS Parliament 5 years
Good attempt. Try to mention about new foreign trade policy 2015-20. Keep writing.
