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TMI BlogSurvey calls for new strategic trade roadmap, steps to cut costs, boost export competitivenessX X X X Extracts X X X X X X X X Extracts X X X X ..... Survey calls for new strategic trade roadmap, steps to cut costs, boost export competitiveness X X X X Extracts X X X X X X X X Extracts X X X X ..... be done to enhance trade competitiveness. "Global trade dynamics have changed significantly in recent years, shifting from globalisation to rising trade protectionism, accompanied by increased uncertainty. This calls for a new strategic trade roadmap for India," said the Economic Survey 2024-25 which was tabled in the Parliament by Finance Minister Nirmala Sitharaman. It added that to remain c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompetitive and enhance its participation in global supply chains, India must continue reducing trade costs and improving facilitation to boost export competitiveness. "The good news is that doing so is entirely in our hands. On its part, the industry must continue to invest in quality," it said, adding the country's external sector continued to display resilience amidst global headwinds of econo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mic and trade policy uncertainties. The pre-Budget document emphasised the need to assess the global situation and develop a forward-looking strategic trade roadmap to deal with the evolving global trade dynamics, marked by gradual shifts towards greater protectionism. "To strengthen its competitiveness and further integrate into global supply chains, the country can focus on reducing trade-re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lated costs and enhancing export facilitation to create a more vibrant export sector. This proactive approach will help India continue to thrive in an ever-changing global market," the survey said. As per estimates, India's share of global trade was over 2 per cent in 2023. During the April-December period of this fiscal year, exports recorded a growth of 1.6 per cent to USD 321.71 billion and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imports by 5.15 per cent to USD 532.48 billion. Trade deficit -- the difference between imports and exports -- during April-December widened to USD 210.77 billion from USD 189.74 billion during the same period of the previous fiscal year. The document noted that disruptions in global trade due to the Red Sea crisis, the Russia-Ukraine war and the recent drought in the Panama Canal, allied wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h increased protectionist tendencies shown by many countries, have created uncertainties. The number of non-tariff measures in sectors such as agriculture, manufacturing, and natural resources, that restrict international trade have also increased over the last few years. On the steps being taken to increase exports, the survey said, India is in the process of negotiating a number of free trad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e agreements (FTAs) with countries and trading blocks. India is actively working towards negotiating trade deals with top importers such as the EU and the UK. Services exports from India too have shown a multi-sectoral presence in global exports, with notable contributions across several sectors. The country's share in global services exports has more than doubled, reaching around 4.3 per ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt in 2023 from 1.9 per cent in 2005. In telecommunications, computer, and IT, India accounts for 10.2 per cent of the global exports market (ranking second largest exporter in the world), reflecting its strong position in IT outsourcing, software development, and digital services. As the country becomes a hub for Global Capability Centres and continues to innovate, focusing on skill developme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt and strategic policy interventions will be key to sustaining this momentum, it said. India's total exports reached USD 602.6 billion in the first nine months of 2024-25, reflecting strong trade resilience despite increasing global protectionism. The survey further said that the current tendencies in the rest of the world necessitate that India redoubles its efforts to boost exports and attr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... act investment. "One way to do this is to benchmark ourselves to the rest of the world rather than our past. However, given the uncertain global environment and fraught geopolitics, expectations of the external sector's contribution to our economic growth must be realistic. Therefore, we need to intensify our efforts on the domestic front," it added. Commenting on the survey, Lokesh Shah, Part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner, IndusLaw, said it has underscored the importance of enabling businesses to concentrate on their core missions.
Federation of Indian Export Organisations (FIEO) President Ashwani Kumar said that simplification of procedures, reduction in transaction costs and adoption of innovation and technology will help boost export competitiveness. PTI RR HVA X X X X Extracts X X X X X X X X Extracts X X X X
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