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Taking FTA advantage upto private sector, global slowdown ‘reflecting’ in India’s goods export growth: Eco Survey.
Feb 01, 2023
The onus to take advantage of the free trade agreements (FTA) that India is signing with other countries, is on the private sector, the Economic Survey said, even as it emphasised on product basket and destination diversification for export growth amid slowing global economy,
'Governments can try and open markets through FTAs. But, to take advantage of that is in the hands of private sector participants,' the survey said, highlighting that the export outlook may remain flat in the coming year if global growth does not pick up in 2023.
New Delhi has inked trade pacts with the UAE and Australia recently, and is in talks with the UK, EU and Canada for similar agreements.
'At times when the base (global growth and global trade) is not growing, export growth will have to come predominantly through market share gains,' it said.
India achieved an all-time high annual merchandise export of $422 billion in FY22. The Netherlands has displaced China from the third spot as India's exporting partner in April-December FY23 and India has diversified its export destinations over time with the share of South Africa, Brazil and Saudi Arabia rising while those of China and the US fell.
'The new diversified markets including those of Brazil, South Africa and Saudi Arabia have led to the increase in exports by up to two times… The ongoing trade negotiations with UK, EU, Canada, Israel etc, will also add further impetus to our exports,' said A Sakthivel, President, Federation of Indian Export Organisations.
'However, the global economy has started facing formidable headwinds and the ripple effect of the global trade slowdown has started reflecting in India’s merchandise export growth, wherein moderation in pace is observed in 2022,' it said.
Insisting on efficiency, productivity, technology, and innovation to drive exports, the Survey said: 'That game has to be lifted'.
As per the Survey, 'significant strides' in exports were registered in drugs and pharmaceutical, electronic goods, engineering goods and organic and inorganic chemicals sectors in FY22. These sectors have sustained their growth momentum despite global headwinds in the first half of FY23. India’s pharma exports grew even though Covid impacted disruptions in the supply chain.
Non-oil, non-gold imports, which are growth-sensitive, may not witness a significant slowdown as Indian growth continues to be resilient, according to the Survey.
It also noted that the limited progress in the multilateral trade negotiations at the World Trade Organization is one of the reasons responsible for the increase in FTAs as they are viewed 'favourably' by trading countries for being easy to negotiate and provide flexibility to factor in geopolitical considerations.
For services exports, external exogenous factors and bleak economic outlook in advanced economies are the downside risks.
economictimes.indiatimes.com
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