India's Trade Strategy: Diversification, FTAs, and US Dialogue

S Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister, emphasizes India's need to diversify exports, accelerate free trade agreement negotiations, and continue US dialogues for a Bilateral Trade Agreement. The focus includes enhancing manufacturing with more middle-sized units to boost economic growth.

India must diversify its exports, accelerate free trade agreement negotiations, and maintain dialogues with the United States to finalize a Bilateral Trade Agreement, said S Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister, during the 'First ISID@40 Distinguished Person Lecture.'

Despite protective policies and reduced international trade, India has opportunities to increase its world market share. Dev highlighted the need for rule-based World Trade Organization frameworks over protectionism, especially amid US pressures regarding crude oil purchases from Russia.

Dev underscored the importance of strengthening India's manufacturing sector by creating more medium-sized firms. Emphasizing consistent export growth as crucial for economic expansion, he advocated raising the nation's investment rate and boosting rural and urban demand to encourage private investment.

(With inputs from agencies.)