India needs to break out of the import substitution trap before it can become an export powerhouse. Do you agree with this view? Comment (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 4 years
KEY POINTS
· India’s exports have never really lived up to their potential because it is simply not competitive enough.
· India’s exports crawled between 2011 and 2019, while neighbouring Bangladesh’s were galloping.
· In the apparels space, for instance, where we have a distinct edge, southern and southeastern Asian nations like Vietnam and Bangladesh are now strong competitors.
· They’ve been smart to come up with better labour and land policies, ensuring the business environment is friendly.
· In India, infrastructure remains hopelessly inadequate, labour policies are rigid, and it is still not quite easy to do business.
· The biggest problem, though, is the approach of our policymakers who would rather look inwards and stay protectionist.
· India has opted out of global trade pacts, most recently, the 15-nation RCEP.
· India’s high GDP growth in the past has been directly related to exports growth and not so much to local consumption.
· In FY16 and FY17, exports crashed to $262 billion and $276 billion, respectively, from above $300 billion the previous three years, regaining momentum on this very low base in the subsequent three years.
Priyanka Rastogi 4 years
Kindly give me review.
IAS Parliament 4 years
Try to underline key points and include about foreign trade policy 2015-20. Keep Writing.
Tapasvi 4 years
Kindly review
IAS Parliament 4 years
Try to mention about foreign trade policy 2015-20. Keep Writing.
Venkateshwaran R 4 years
Kindly provide feedback
IAS Parliament 4 years
Good attempt. Keep Writing.
Cibi Siddharth 4 years
kindly review and give suggestions sir/mam
IAS Parliament 4 years
Try to explain how the schemes benefit the industries. Keep Writing.
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