Question Q.1GS3GS3

Foreign trade is an important milestone on the path of becoming a 5 trillion USD economy. In this context, analyse the potential of the recently released Foreign Trade Policy, 2023 in revamping India's participation in global trade.

Introduction

India post 1991 reforms saw growth in trade of 26/. annually and growth of country crossed Hindu rate of growth.

20 words

Main Body

India post 1991 reforms saw growth in trade of 26/. annually and growth of country crossed Hindu rate of growth. Necessity of Foreign trade: i) Exports:Support industrial requirements (semiconductors, solar wafers)Supply chain growth (China+2 strategy)Promotes investment (FDI, FII)Support from WTO and developed countries ii) Exports:Earner of foreign exchange tourismPromotes doubling of farmers incomeExports (doubling of farmer incomeAshok Lehi)

Reflection of FTP, 2023: i) Harmonious construction of Atmanirbhar Bharat with globalisation ii) Focus on value addition instead of raw material export (26,000 million dollars exported - Virtual Water annually) iii) Ease of doing business (ECGLS, Export levies) iv) MSMEs merchandise export YoY improvement (RoDTEP, Factory)

120 words1 paragraphs

Conclusion

Addressing of WTO concerns: Low focus on Short supply indigenous industries during secondary barriers growth. Local but no Non-comprehensive coverage. UAE-CEPA is the step for better foreign trade - UAE is India's 3rd largest trade partner

36 words

Open original scan

Page 1

Topper

Tharun Teja

AIR 1232025

Subject & Paper

GS3GS3

Topic

Economic Development

Foreign Trade Policy 2023

Writing Stats

176

Total words

Paragraphs

structured, analytical

Tone