13/09/2022 - Economy

KEY POINTS

·        The contribution of exports can dramatically change, both positively and negatively.

·        External shocks, such as global economic slowdown, fluctuating valuation of foreign currencies, and changes in policies by importing countries.

·        India’s services export has increased rapidly over the past decade with computer services accounting for around 49 per cent of the total exports in FY2021.

·        India can benefit from the changing trade landscape and by capturing a greater share of global technology services.

·        The government’s role as the creator, facilitator, enforcer and negotiator will be critical in India’s progress towards the Trade 4.0 revolution.

·        Trade 4.0 will necessitate jurisdiction and laws to strengthen international patent rights; re-design intellectual property and its protection; ensure privacy and personal data/consumer protection.

·        For instance, big data analytics will help identify customers and plan demand, whereas AI and smart robots will help reduce transport, logistics, and inventory costs.

·        Currently, India’s exports account for only 2.1 per cent of the global exports of goods and services; its share in global merchandise exports is even smaller at 1.7 per cent.

·        Trade 4.0 will help India increase its participation in and move up the global value chain by delivering quality products and services using advanced technology.

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