India's Strategic Trade Roadmap: Navigating Global Protectionism

The Economic Survey 2024-25 emphasizes the need for India to adopt a new strategic trade roadmap to counter global protectionism and enhance export competitiveness. It highlights the necessity of reducing trade costs, optimizing industry investments, and negotiating trade agreements to strengthen India's presence in global supply chains.

The recent Economic Survey has underscored a crucial need for India to establish a new strategic trade roadmap. Such a move is vital to navigate the increasing tide of global protectionism and enhance the nation's export competitiveness, a task made increasingly urgent by the evolving dynamics of international trade.

The survey, tabled in Parliament by Finance Minister Nirmala Sitharaman, noted a significant shift in global trade dynamics towards protectionism. It called for India to focus on reducing trade costs and facilities to thrive in the international arena, whilst maintaining its resilience amidst global economic challenges.

With trade agreements under negotiation, particularly with the EU and UK, and remarkable growth in services exports, India aims to boost its export sector despite geopolitical uncertainties. The survey emphasizes strategic policy interventions and skill development to sustain India's trade resilience.

(With inputs from agencies.)