State-level export competitiveness merits policy action
India’s trade strategy should include plans for export enablers in sub-national ecosystems
Global value chain interlinkages have increased with globalization, making the economic system more connected than ever. The interconnectivity of nations also means a more volatile system, and volatility increases in uncertain times, be it the covid pandemic or other global events of significance, such as the Suez canal blockage that led to higher freight and shipping costs, semiconductor shortage, and the latest geopolitical tension between Russia and Ukraine. However, crises have also provided us with an opportunity to rethink our existing systems in challenging times. India’s exports have shown resilience in times of crisis. They have grown remarkably, and the country has surpassed its ambitious target of $400 billion worth of merchandise exports in 2021-22.
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