01/10/2021 - Indian Economy

KEY POINTS

·        Geographical Indications were either assigned to the dusty pages of history books or left to rural artisans to propagate and preserve.

·        A 2017 UNCTAD report on inclusive growth and e-commerce deems China’s e-commerce-driven growth as inclusive.

·        That means China has successfully empowered micro, small and medium enterprises (MSMEs) to compete with large companies on the same stage, with no geographic boundaries.

·        Strong GI ecosystem will automatically resolve the three fraught India issues of poor pay for talent, low female participation in the labour force, and urban migration.

·        It will convert talent into entrepreneurship with gig workers, and create a “passion” economy, that is, a new way for individuals to monetise their skills and scale their businesses exponentially.

·        The labour-intensive nature of GI offers the best solution to boosting the employment-to-population ratio in India, an abysmal 43 per cent compared with the 55 per cent global average.

·        Monetising artisanal work done at home will increase India’s low female labour force participation rate, which at 21 per cent in 2019 was half the 47 per cent global average.

·        The hyper-localised nature of GI offers solutions to reverse urban migration and conserve India’s ancient crafts, culture and food.

·         A rejuvenation of MSMEs, which account for 31 per cent of India’s GDP and 45 per cent of exports, will follow.

·        It encompasses the concept of trusteeship, as advocated by Mahatma Gandhi and more recently, by Prime Minister.

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