Global value chain integration key for India

New Delhi: NITI Aayog CEO BVR Subrahmanyam on Tuesday emphasised on the need for India to integrate into global value chains and adapt swiftly to emerging trading systems, according to an official statement. While addressing a thematic workshop on ‘Inclusive Trade for Growth & Prosperity’ organised by NITI Aayog, Subrahmanyam also highlighted the need for a non-discriminatory and inclusive trading system which facilitates trade as an engine of growth and prosperity.

Also speaking at the event, NITI Aayog member Arvind Virmani highlighted the need for strengthening key areas such as labour-intensive supply chains, institutional factors for policy framing and simplifying taxation system, and integrating payment, refund and export credit systems especially for MSMEs.

Virmani also pointed out the need to address various anti-dumping issues and the need to foster free trade agreements (FTAs) with potential partners. NITI Aayog member Ramesh Chand stressed on the need of reducing non-tariff barriers; mobilizing resources for scaling up aid-for trade, particularly for MSMEs in developing and least-developed countries; and digital inclusion in three areas -- infrastructure, skills and data ownership.