Five key reforms India needs to boost trade-related infrastructure and enhance export competitiveness

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Five key reforms India needs to boost trade-related infrastructure and enhance export competitiveness - Economic Times

Quick Summary:

The government has recently increased the allocation for international development projects by 20% in the latest Union Budget, presenting an opportunity to use this funding for the development of trade-related infrastructure in partner countries.

Second, the National Committee on Trade Facilitation needs to expand its membership; it was set up in 2016 to play the lead role in developing the pan-India road map for trade facilitation.

With a focus on “coordinated, digitised, seamless, efficient, transparent, risk-based, and technology-driven processes” supported by cutting-edge infrastructure, the new policy document provides a framework to implement the next generation of reforms that includes four thrust areas: ease of compliance; enhancing EXIM efficiency through collaboration; sustainability, inclusion, and resilience; and infrastructure upgradation.So far, so good.