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India Development Update: India’s Trade Opportunities in a Changing Global Context

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dc.contributor.authorWorld Bank
dc.date.accessioned2024-09-06T14:03:53Z
dc.date.available2024-09-06T14:03:53Z
dc.date.issued2024-09-06
dc.description.abstractIn India, economic growth increased from 7.0 percent in FY22/23 (April 2022-March 2023) to 8.2 percent y-o-y in FY23/24. On the demand side, growth was primarily driven by a significant expansion of investment, in particular public infrastructure investment and private investment in real estate. On the supply side, it was supported by a rebound in the manufacturing sector, benefitting from a buoyant construction sector and low input costs. India needs to diversify its exports and increase its participation in Global Value Chains (GVCs). Over the past decades, despite rapid overall economic growth, India's trade in goods and services has decreased as a percentage of GDP and India’s participation in GVCs has fallen. Exports are also relatively concentrated in goods and services that tend not to be labor-intensive. As a result, trade-jobs linkages are not fully exploited. A key factor behind this decline is the increase in import tariffs on key intermediary inputs, which has raised production costs and made producers less competitive in international markets. To achieve its ambitious export target and maximize the job creation potential of trade, India must diversify its export basket and enter new markets. Participating more actively in GVCs is crucial for doing so, and it would also boost overall competitiveness in the domestic economy and attract greater foreign investment. India's current trade policy stance features both liberalizing measures and rising protectionism. The implementation of the National Logistics Policy and digital initiatives aimed at reducing logistics costs are proactive steps towards enhancing trade facilitation and competitiveness. However, a resurgence in protectionist measures, including increased tariff and non-tariff barriers, is restricting India's trade openness. Recent Free Trade Agreements (FTAs) with countries such as the United Arab Emirates (UAE) and Australia signify a move towards preferential agreements. However, India does not participate in mega trade blocs, such as the Regional Comprehensive Economic Partnership (RCEP), despite potential benefits from broader trade cooperation.en
dc.identifierhttp://documents.worldbank.org/curated/en/099513209032434771/IDU113d06cd810fec1465e1a7e318a711ea131b8
dc.identifier.doi10.1596/42123
dc.identifier.urihttps://hdl.handle.net/10986/42123
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectMACROECONOMIC ANALYSIS OF ECONOMIC DEVELOPMENT
dc.subjectGROWTH DIAGNOSTICS
dc.subjectECONOMIC GROWTH POLICY
dc.subjectMACROECONOMIC IMBALANCES AND ADJUSTMENTS
dc.subjectTRADE AGREEMENTS AND NEGOTIATIONS
dc.subjectTRADE AND EMPLOYMENT
dc.subjectIMPACT OF TRADE
dc.subjectTRADE POLICY AND INTEGRATION
dc.subjectPREFERENTIAL TRADE AND INVESTMENT AGREEMENTS
dc.subjectTRADE POLICY AND INVESTMENT AGREEMENTS
dc.subjectMACROECONOMIC VULNERABILITY AND DEBT
dc.subjectECONOMIC GROWTH
dc.subjectMACROECONOMIC MONITORING
dc.subjectDECENT WORK AND ECONOMIC GROWTH
dc.subjectSDG 8
dc.titleIndia Development Updateen
dc.title.subtitleIndia’s Trade Opportunities in a Changing Global Contexten
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleIndia Development Update: India’s Trade Opportunities in a Changing Global Context
okr.date.disclosure2024-09-06
okr.date.lastmodified2024-09-03T00:00:00Zen
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/099513209032434771/IDU113d06cd810fec1465e1a7e318a711ea131b8
okr.guid099513209032434771
okr.identifier.docmidIDU-13d06cd8-0fec-465e-a7e3-8a711ea131b8
okr.identifier.doihttps://doi.org/10.1596/42123
okr.identifier.externaldocumentum34385673
okr.identifier.internaldocumentum34385673
okr.identifier.report193358
okr.import.id5221
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099513209032434771/pdf/IDU113d06cd810fec1465e1a7e318a711ea131b8.pdfen
okr.region.administrativeSouth Asia
okr.region.countryIndia
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Development
okr.topicInternational Economics and Trade::Foreign Trade Promotion and Regulation
okr.topicInternational Economics and Trade::Trade Policy
okr.unitEFI-SAR-MTI-PS-1 (ESAC1)
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