{"id":114542,"date":"2021-06-24T11:30:09","date_gmt":"2021-06-24T06:00:09","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=114542"},"modified":"2021-06-24T11:30:09","modified_gmt":"2021-06-24T06:00:09","slug":"exports-indias-window-of-opportunity","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/exports-indias-window-of-opportunity\/","title":{"rendered":"Exports &#8211; India\u2019s window of opportunity"},"content":{"rendered":"\n<p><b><span data-contrast=\"none\">Topic<\/span><\/b><span data-contrast=\"none\">: GS3 \u2013\u00a0Indian Economy and issues relating to planning, mobilization, of resources<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Tags<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">Context<\/span><\/b><span data-contrast=\"none\">: Possibility of a sharp recovery for\u00a0Indian\u00a0economy can only be realized through a strong focus on exports.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h5><b><span data-contrast=\"none\">Export-led growth of global economies<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<p><span data-contrast=\"none\">Since World War II, we have seen many countries grow on the back of rising investments and exports.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"28\" aria-setsize=\"-1\" data-aria-posinset=\"210\" data-aria-level=\"1\"><span data-contrast=\"none\">Japan, South Korea, China, and to some extent, Thailand and Malaysia, are all examples of economies where exports played a major role in driving economic transformation.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559737&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">Hence, it has been clear for some time now that strong exports are crucial in driving development.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h5><b><span data-contrast=\"none\">What are some key learnings from Asian experience that we can implement?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"211\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Exports and imports go hand in hand<\/span><\/b><span data-contrast=\"none\">: Experience of\u00a0Asian countries, like Japan, China\u00a0etc, illustrates that imports and exports grow hand in hand.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"53\" data-aria-level=\"2\"><b><span data-contrast=\"none\">Example<\/span><\/b><span data-contrast=\"none\">: Automobile industry &#8211;\u00a0India imports $6.1 billion worth of auto components, but using these imports, our automobile industry exports $18 billion worth of products.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"54\" data-aria-level=\"2\"><span data-contrast=\"none\">This holds true for India as well. For example, between 2001 and 2010,\u00a0India\u2019s\u00a0trade-to-GDP\u00a0ratio nearly doubled from 26% to 49%. Both imports and exports grew during this period. In nominal terms, both imports and exports grew at rates close to 20% in this decade.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"212\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Focus on intermediate goods<\/span><\/b><span data-contrast=\"none\">: Almost half of China\u2019s imports consisted of\u00a0<\/span><b><span data-contrast=\"none\">intermediate goods<\/span><\/b><span data-contrast=\"none\">, which were then instrumental in raising their exports. Important to note is that a\u00a0<\/span><b><span data-contrast=\"none\">liberal import regime<\/span><\/b><span data-contrast=\"none\">\u00a0was followed for such intermediate goods, with\u00a0<\/span><b><span data-contrast=\"none\">duty-free imports\u00a0<\/span><\/b><span data-contrast=\"none\">allowed.\u00a0Hence, India should not increase tariffs or raise non-tariff barriers on intermediate goods. This is because:<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"55\" data-aria-level=\"2\"><span data-contrast=\"none\">Goods that come into India flow into goods manufactured for exports. Any increase in the cost of such products\u00a0<\/span><b><span data-contrast=\"none\">indirectly increases production costs\u00a0<\/span><\/b><span data-contrast=\"none\">and hampers our exports.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"56\" data-aria-level=\"2\"><span data-contrast=\"none\">By raising the cost of these critical inputs, we end up\u00a0<\/span><b><span data-contrast=\"none\">further eroding our competitiveness<\/span><\/b><span data-contrast=\"none\">, already burdened by a high cost of logistics, credit, and power.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"57\" data-aria-level=\"2\"><b><span data-contrast=\"none\">Present situation &#8211;\u00a0<\/span><\/b><span data-contrast=\"none\">Presently, a large proportion of our imports, 32%, consist of intermediate goods. Almost 70% of all anti-dumping duties are levied on intermediate goods. This needs to change.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"213\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Proper incentive structures<\/span><\/b><span data-contrast=\"none\">: Incentive structures were put in place to ensure higher relative profitability of exports compared to the rest of the sectors.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"58\" data-aria-level=\"2\"><span data-contrast=\"none\">The incentive structures ranged from\u00a0subsidised\u00a0bank credit, export targets linked to long-term credit, export subsidies, and incentives for research &amp; development, amongst others.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"214\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Phasing out of import substitution<\/span><\/b><span data-contrast=\"none\">: An important lesson is that while import substitution may have been in place, it was gradually phased out.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"215\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Developing capabilities in manufacturing<\/span><\/b><span data-contrast=\"none\">: Another important lesson is that these countries having developed their capabilities in\u00a0labour-intensive\u00a0industries gradually moved up the manufacturing value chain.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"29\" aria-setsize=\"-1\" data-aria-posinset=\"216\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Public investment in infrastructure\u00a0<\/span><\/b><span data-contrast=\"none\">to reduce the cost of logistics is another key policy intervention.\u00a0Several strategic sectors were identified for promotion.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">The lessons from the experiences of Asia\u00a0indicate\u00a0that\u00a0<\/span><b><span data-contrast=\"none\">export promotion<\/span><\/b><span data-contrast=\"none\">,\u00a0<\/span><b><span data-contrast=\"none\">rather than import substitution,<\/span><\/b><span data-contrast=\"none\">\u00a0<\/span><b><span data-contrast=\"none\">drives development<\/span><\/b><span data-contrast=\"none\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">Has India been able to replicate the above policies followed by Asian countries?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">No. This can be seen from the following facts<\/span><\/b><span data-contrast=\"none\">:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"30\" aria-setsize=\"-1\" data-aria-posinset=\"217\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Dismal share in global merchandise trade<\/span><\/b><span data-contrast=\"none\">: According to the World Trade Organization, India\u2019s share in global merchandise trade stood at less than 2%, despite having the inherent strength and potential to do much better.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"30\" aria-setsize=\"-1\" data-aria-posinset=\"218\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Manufacturing<\/span><\/b><span data-contrast=\"none\">\u00a0as a share of\u00a0GDP\u00a0and\u00a0<\/span><b><span data-contrast=\"none\">employment<\/span><\/b><span data-contrast=\"none\">\u00a0remained\u00a0<\/span><b><span data-contrast=\"none\">stagnant\u00a0<\/span><\/b><span data-contrast=\"none\">between 1990 and 2020. Whilst exports have increased, they are dwarfed in scale by\u00a0China.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"30\" aria-setsize=\"-1\" data-aria-posinset=\"219\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Low global share in food processing exports<\/span><\/b><span data-contrast=\"none\">:\u00a0Even in traditional sectors, like food processing where India has one of the largest raw material bases in the world, we command a 2% share in global exports.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><b><span data-contrast=\"none\">Why\u00a0couldn\u2019t India\u00a0replicate the Asian experience?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<p><span data-contrast=\"none\">Several factors explain this.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"31\" aria-setsize=\"-1\" data-aria-posinset=\"220\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Availability of credit<\/span><\/b><span data-contrast=\"none\">: We lag in credit availability to the private sector. Domestic credit to the private sector, as a percentage of GDP, stood at 50 per cent in India, compared to 165 per cent in\u00a0China\u00a0and 123 per cent in other upper-middle income countries.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"31\" aria-setsize=\"-1\" data-aria-posinset=\"221\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Low private debt-to-GDP ratio<\/span><\/b><span data-contrast=\"none\">: Our private debt-to-GDP\u00a0ratio is extremely low and there is immense possibility of enhancing it for manufacturing and exports.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"31\" aria-setsize=\"-1\" data-aria-posinset=\"222\" data-aria-level=\"1\"><span data-contrast=\"none\">Cross-subsidization of power<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"31\" aria-setsize=\"-1\" data-aria-posinset=\"223\" data-aria-level=\"1\"><span data-contrast=\"none\">Higher cost of logistics<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"31\" aria-setsize=\"-1\" data-aria-posinset=\"224\" data-aria-level=\"1\"><span data-contrast=\"none\">Labour laws\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"31\" aria-setsize=\"-1\" data-aria-posinset=\"225\" data-aria-level=\"1\"><b><span data-contrast=\"none\">A traditional export basket<\/span><\/b><span data-contrast=\"none\">: Similarly, the composition of India\u2019s exports needs to undergo a radical change. Our export basket is predominantly traditional and does not comprise cutting-edge products. As much as 70% of India\u2019s exports target 30% of world trade comprising items with a declining global share.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"none\">What steps should India take and what reforms have been implemented?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The need is to promote our\u00a0<\/span><b><span data-contrast=\"none\">domestic manufacturing industry<\/span><\/b><span data-contrast=\"none\">\u00a0to drive exports and growth. Several important policy steps have been taken in this regard over the past few years.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"32\" aria-setsize=\"-1\" data-aria-posinset=\"226\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Lowering of corporate tax<\/span><\/b><span data-contrast=\"none\">: The decision to lower the corporate tax rate to 22%\u00a0for all firms and 15%\u00a0for new manufacturing firms, will encourage the domestic manufacturing sector.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"32\" aria-setsize=\"-1\" data-aria-posinset=\"227\" data-aria-level=\"1\"><b><span data-contrast=\"none\">PLI Schemes<\/span><\/b><span data-contrast=\"none\">:\u00a0The introduction of the production-linked incentive\u00a0(PLI)\u00a0schemes in several key sectors, for the first time,\u00a0incentivize\u00a0production, rather than inputs. These schemes will help domestic manufacturing achieve size and scale.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"32\" aria-setsize=\"-1\" data-aria-posinset=\"228\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Rationalization of labor codes<\/span><\/b><span data-contrast=\"none\">:\u00a0As many as 29 Central\u00a0labor\u00a0laws were\u00a0rationalized\u00a0into four codes.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"32\" aria-setsize=\"-1\" data-aria-posinset=\"229\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Definitions of MSMEs revised<\/span><\/b><span data-contrast=\"none\">:\u00a0The definitions of micro, small and medium enterprises (MSMEs) have been raised upwards, allowing them to grow in size, whilst maintaining the benefits of MSMEs.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">All these steps should help domestic industry achieve size and scale.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h5><b><span data-contrast=\"none\">Conclusion<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<p><span data-contrast=\"none\">The possibility of a sharp recovery for the economy can only be\u00a0realized\u00a0through a strong focus on exports. The opportunity of India integrating itself into global value chains cannot be allowed to pass. Strong and coordinated policy action, across all levels of governments, is needed to\u00a0realize\u00a0this opportunity.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">Terms to know<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"33\" aria-setsize=\"-1\" data-aria-posinset=\"230\" data-aria-level=\"1\"><span data-contrast=\"none\">Import\u00a0substitution<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"33\" aria-setsize=\"-1\" data-aria-posinset=\"231\" data-aria-level=\"1\"><span data-contrast=\"none\">Intermediate goods<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"33\" aria-setsize=\"-1\" data-aria-posinset=\"232\" data-aria-level=\"1\"><span data-contrast=\"none\">Cross-subsidization<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"33\" aria-setsize=\"-1\" data-aria-posinset=\"233\" data-aria-level=\"1\"><span data-contrast=\"none\">Production-linked incentive (PLI)\u00a0schemes<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"33\" aria-setsize=\"-1\" data-aria-posinset=\"234\" data-aria-level=\"1\"><span data-contrast=\"none\">Rationalization of labor codes<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"33\" aria-setsize=\"-1\" data-aria-posinset=\"235\" data-aria-level=\"1\"><span data-contrast=\"none\">Revision of definition of MSMEs<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"none\">Source<\/span><\/b><span data-contrast=\"none\">:\u00a0<\/span><a href=\"https:\/\/www.business-standard.com\/article\/opinion\/exports-india-s-window-of-opportunity-121062201944_1.html\"><span data-contrast=\"none\">Business Standard<\/span><\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topic: GS3 \u2013\u00a0Indian Economy and issues relating to planning, mobilization, of resources\u00a0 Tags\u00a0 Context: Possibility of a sharp recovery for\u00a0Indian\u00a0economy can only be realized through a strong focus on exports.\u00a0 Export-led growth of global economies\u00a0 Since World War II, we have seen many countries grow on the back of rising investments and exports.\u00a0\u00a0 Japan, South&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/exports-indias-window-of-opportunity\/\">Continue reading <span class=\"screen-reader-text\">Exports &#8211; India\u2019s window of opportunity<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,8043,9],"tags":[],"class_list":["post-114542","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-current-affairs-cat","category-public","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700809170,"cached_date":1704751780},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/114542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=114542"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/114542\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=114542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=114542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=114542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}