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Explained | The Road to a $5 trillion economy



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Commerce and Industry Minister Piyush

Goyal released the high-level Advisory

Group report last week now the report

has been prepared by the advisory group

led by dr. su chief as halle to assess

the global environment and to make

recommendations for boosting India

shares and importance in global

merchandise and services trade managing

pressing bilateral trade relations as

well as mainstreaming new-age policy

making other members of the group also

include installation Kerr former foreign

secretary Rajiv Kerr former commerce

secretary Sanjeev Sanyal principal

economic advisor to the Government of

India Arjun then will vice chairman of

Quality Council of India dr.

harshwardhan sync formerly DG WTO among

others now the report shows the way

forward for India to become an

attractive investment destination by

grasping all the kind of opportunities

available so that India is able to

achieve the target of exports

contributing 1 trillion u.s. dollars to

the GDP now the report has also

recommendations for industry both

manufacturing and services and sectors

like textiles finances and tourism so

that India is able to take the

manufacturing potential to 25% of the

GDP thrown free trade agreements the

report also highlights that while

negotiating the market access for goods

in FTAs India should focus on both

tariffs and non-tariff barriers in the

partner countries and services in there

should go beyond mode 4 that is the

movement of persons and also focus on

mode 3 that is a commercial presence as

Indian investors have an interest in

investing in the FTA partner country as

well

the reason needs to establish an

institutional mechanism for seeking

input from the stakeholders prior to

finalizing and FCA as well as informing

the industry well in time about the

steps that they would like to take

during the period of transition with the

aim of minimizing their adjustment costs

the report also added this the panel

also recommended increasing authorized

capital of the Exim banks by a minimum

of 10,000 rupees strengthening exports

of labour intensive sectors now Commerce

Minister Piyush Goyal also hinted that

India is looking at new opportunities

and new markets of exports with other

geographies like the United States of

America Union and the United Kingdom the

US I think that in a globalized world

India cannot remain isolated as it will

not be in the interest of the industry

and also the consumers now the report

oil and also the statements from the

commerce ministry come amidst India's

ongoing engagement with the negotiating

16r separations indicating that India

will keep its domestic industry

interests in mind before finalizing any

kind of thing a claimants