Boosting India's Global Trade: A Pathway Through Value Chains and Digital Trade

India seeks to amplify its global trade presence by strengthening integration into global value chains, enhancing digital trade, and boosting the competitiveness of MSMEs. CII emphasizes the need for improved trade infrastructure and regulatory reforms. Suggested measures include a comprehensive online portal, adopting global best practices, and streamlining tax systems.

India aims to expand its slice of the global trade pie by more than doubling its current 2% share, focusing on deeper integration into global value chains, enhanced digital trade infrastructure, and boosting MSMEs' competitiveness. This vision was outlined by the Confederation of Indian Industry (CII) on Wednesday.

Sanjay Budhia, chairman of the CII national committee on EXIM, reiterated the chamber's commitment to collaborating with the government to surmount barriers to manufacturing and export growth. Key suggestions involve establishing a common online portal for circulars across various ports and embracing best practices from developed nations.

Budhia proposed implementing the Customs Authority on Advance Ruling Regulation 2021 to lower trade costs and increase duty certainty, alongside fortifying the authorized economic operator program. These strategies are geared towards simplifying the refund process, minimizing double duty payments, and aligning tax systems with global standards to enhance cross-border trade ease.

(With inputs from agencies.)