{"id":216273,"date":"2022-11-28T20:44:46","date_gmt":"2022-11-28T15:14:46","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=216273"},"modified":"2022-11-28T20:44:46","modified_gmt":"2022-11-28T15:14:46","slug":"our-free-trade-agreement-with-australia-is-unique-in-its-details","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/our-free-trade-agreement-with-australia-is-unique-in-its-details\/","title":{"rendered":"Our free trade agreement with Australia is unique in its details"},"content":{"rendered":"\n

Source<\/strong>– The post is based on the article \u201cOur free trade agreement with Australia is unique in its details\u201d <\/strong>published in the mint <\/strong>on 28th November 2022<\/strong>.<\/p>\n

Syllabus: <\/strong>GS3- Indian economy<\/p>\n

Relevance:<\/strong> economic reforms for more growth<\/p>\n

News- <\/strong>the article explains the steps taken by the Indian government to increase the trade potential of firms.<\/p>\n

What are initiatives taken by the Indian government to boost trade?<\/strong><\/p>\n

More exports- <\/strong>India has more than 2 million firms that produce quality products and services. But, less than 100000 of these firms are engaged in exports.<\/p>\n

There is a need to increase the number of firms doing commercial exports. District hubs scheme<\/strong> can push more firms to export their products.<\/p>\n

Flexible labour laws<\/strong>– Labour laws apply to only formal sector workers<\/strong>. It constitutes just 8% of all workers. India has introduced four labour codes<\/strong>. It will help to set up many new units and increase the employment opportunities<\/strong>.<\/p>\n

Support for manufacture of high-tech products<\/strong>– India’s share in global export of high-value items is low. Our export share in machinery is 0.9% and electronics is 0.4%.<\/p>\n

The government has introduced the production linked incentive scheme<\/strong> to make India a major production centre of these products. It will lead to more exports.<\/p>\n

Enhanced efficiency of commercial courts<\/strong>–\u00a0 Courts delay in settling commercial disputes is stunting industrial growth. Weak contract enforcement<\/strong> is one of the reasons for poor industrial growth.<\/p>\n

The government has made several interventions like introducing new laws and automating courts<\/strong>. These are yielding results.<\/p>\n

The introduction of WTO-compatible export schemes<\/strong>– Government has abolished export schemes that are not compatible with rules of WTO. The most important one was the Merchandise Exports from India scheme.<\/p>\n

Improved product quality through regulation<\/strong>– Many Indian products fail quality tests due to traces of pesticides, pathogens etc. India needs to redesign its quality assurance framework<\/strong> to help firms reach higher standards.<\/p>\n

The government has issued Quality Control Orders<\/strong> and Technical Regulations<\/strong> for many products. It will reassure t5he quality of these products.<\/p>\n

Service sector diversification<\/strong>– The IT sector dominates India service exports. The government is working to diversify exports in 12 service sectors under Champion Service Sector initiative<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source– The post is based on the article \u201cOur free trade agreement with Australia is unique in its details\u201d published in the mint on 28th November 2022. Syllabus: GS3- Indian economy Relevance: economic reforms for more growth News- the article explains the steps taken by the Indian government to increase the trade potential of firms.… Continue reading Our free trade agreement with Australia is unique in its details<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,11126],"class_list":["post-216273","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-the-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700784106,"cached_date":1704864807},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/216273","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\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=216273"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/216273\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=216273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=216273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=216273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}