The uncertain global economic environment calls for proactive policy actions to boost exports for the country. Elaborate (200 Words)
Refer - The Indian Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· The year 2021 was a record one for trade despite the pandemic. In terms of volumes, merchandise trade rose 9.8 per cent, while in dollar terms, it grew 26 per cent.
· The value of commercial services trade was also up 15 per cent. India has had a good export run in line with global trends, witnessing record goods exports of $419 billion, while touching $250 billion in services exports.
· Ukraine and Sri Lanka are major exporters of agricultural products and the vacuum created by their limited presence in global trade will open up agricultural export opportunities for India.
· This will not only spur overall exports but will also help to support the recovery of the agrarian economy through higher realisations. Apart from Europe, Africa’s food security depends on wheat supplies from the two countries at war.
· India must double down on its integration with global supply chains. The commerce ministry has negotiated a slew of trade deals.
· Tariff rates for intermediate inputs should be reduced to either zero or should be negligible for India to become an attractive location for assembly activities.
· The Economic Survey 2019 had recommended that low levels of service link costs are prerequisites to strengthen their participation in GVCs.
