INDIA IN WORLD TRADE
ROADMAP FOR INDIA’S TRADE
There is huge potential in the export markets that India can explore. There are some products in which India has competitiveness but its share in world exports is quite low, hence indicating untapped potential. A future roadmap for India’s trade should focus on sectors such as electrical manufacturing and equipment (0.4%), pharmaceuticals (2.4%), iron and steel (2.4%), vehicles and other parts (1.2%), edible fruits and vegetables (1.3% and 1.8% respectively). Specifically, efforts should be done to boost exports in these product categories. There should be special initiatives taken to boost agro- exports with emphasis on dairy, fish, livestock, fruits and vegetables because India is one of the largest producers of these products and its export share in world exports is quite low.
The roadmap for India’s trade should also focus on diversifying its export markets by including more EU countries such as France, Germany, Netherlands, Poland, and Belgium among others. Canada is also a top importer in the international market, which could be a potential market to tap for India. Besides these countries India should try to boost exports with countries from where India imports oil such as Iran, Iraq and Saudi Arabia. India is one of the main importers of Animal or vegetable oils and fats from Indonesia, Ukraine and Argentina and we have trade deficit with all the countries, hence India should devise a policy to tap these markets. Besides this India should curtail its imports in consumer goods by substituting with domestic produce as India’s import in consumer goods is accelerating. Hence, by making certain attempts we could mitigate part of our deficit.