How an effective trade policy can help MSMEs spread their wings
The pandemic has impacted many lives and the world has been dealing with it for a year now. A report by Nomura India Business Resumption Index suggests that the second outbreak is likely to slow the country’s economic recovery.
In this grim backdrop, the stimulating power of exports cannot be understated. Focusing on the growth of India’s participation in international trade is reflective of the Atmanirbhar Bharat vision. Earning foreign exchange helps reduce the trade deficit and has a direct impact on the GDP. This has a positive impact the economic growth. Exports also generate employment which is needed at a time when the country has just clocked in an unemployment rate of 6.9%. The upcoming Foreign Trade Policy (FTP) which is slated for 2021-2026 will not only provide short-term relief from the consequences of the pandemic, but also give a strong foothold in our mission to reach a $5 trillion economy by 2025 and $1 trillion through the digital economy….