trade: huge potential for India to scale up in global value chain systems : Trade Secy

India has huge scope to move up in global value chain systems and have high value addition in global exports, Commerce Secretary Sunil Barthwal said on Thursday. India’s share in world exports is less than 2%. There is therefore huge potential to boost shipments despite global headwinds and weak trade growth forecasts, he added.

“So we can easily aim to double our exports and increase our exports (share) to 10% over a period of time and those opportunities exist even if someone says the world trade scenario looks bleak,” he said. he said here at the CII National Export Summit.

Domestic exporters should not be pessimistic about this scenario, he added.

“India has huge scope not only to scale in global value chain systems but also to have value addition and high value-added contribution in global exports,” Barthwal noted.

World trade growth is expected to slow to 1% in 2023, due to global uncertainties, according to a WTO forecast.

The World Trade Organization (WTO) also predicted 3.5% growth in world trade this year, compared to an estimate of 3% in April.

The secretary also said that global companies are eyeing India as an alternative investment destination.

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