India’s FY28 real GDP growth is projected to be 6.8-7.2 per cent, but sustaining the economic performance needed to turn developed by 2047 will need addressing structural challenges, including high trade costs, regulatory complexity, infrastructure gaps and barriers to deeper global integration, the WTO noted.
Use of non-tariff measures by some nations has constrained market access for Indian exporters.
It noted that relatively high tariffs, import and export controls, state trading measures and extensive budgetary support programmes are part of India’s policy framework.
Further efforts to improve the ease of doing business, boost productivity and reduce reliance on trade-restrictive measures could help allocate resources more efficiently and attract foreign investment, it remarked.
To diversify exports and expand its role in global trade, India’s needs to balance self-reliance with greater openness, along with active engagement in the multilateral trading system.
India’s increasing reliance on free trade agreements to improve market access and integrate more deeply into global value chains reflects a strategic shift towards securing durable market access and reducing trade, the report said.
Growing use of non-tariff measures, including complex standards, conformity assessment procedures and regulatory requirements, by some trading partners has constrained market access for Indian exporters, the WTO report added.
Fibre2Fashion News Desk (DS)
