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Industrials
As the world continues to navigate the complexities of global value chains (GVCs), India is positioning itself to play a more significant role in these networks. With GVCs driving more than 70% of international trade, India's economic future and growth prospects are closely tied to its ability to integrate and scale within these systems[1][3]. The country's strategic initiatives, coupled with favorable geographical advantages, are setting the stage for India to become a pivotal player in global trade and economic dynamics.
Presently, India's share in global merchandise trade remains relatively low, standing at less than 2% despite accounting for nearly 18% of the world's population[3]. However, there has been a notable increase in India's GVC-related trade, rising from 35.1% of its gross trade in 2019 to 40.3% in 2022[1]. This growth is attributed to initiatives like the Production-Linked Incentive (PLI) scheme and the Districts as Export Hubs programme. Despite these advancements, India still lags behind other economies such as Japan and South Korea, indicating room for greater integration[1].
India has several sectors that can drive its GVC engagement forward:
Electronics Manufacturing: India has made significant strides in electronics manufacturing, particularly in smartphone production. Collaborations with global brands like Apple have enabled near-complete import substitution and the creation of substantial job opportunities[3]. Scaling this sector further, especially in high-tech segments like semiconductors, is crucial for deeper GVC integration.
Automotive and EV Ecosystems: While India is well-established in the internal combustion engine segment, its electric vehicle (EV) sector is ripe for growth. By developing the EV and battery supply chain, India can secure a significant foothold in future mobility, leveraging opportunities in battery recycling and critical mineral extraction[1][2].
Chemicals and Green Technology: As a major chemical producer globally, India is poised to lead in the green chemical revolution, transitioning from petrochemicals to bio-based alternatives. This sector offers vast potential for innovation and R&D-driven growth[1].
Despite these opportunities, India faces several challenges that impede its full integration into GVCs:
Regulatory Barriers: India's Permanent Establishment (PE) regulations often discourage global brands from fully integrating their supply chains in the country, particularly in sectors like electronics[3].
Infrastructure and Logistics: Enhancing infrastructure and streamlining customs processes are essential for reducing the operational burden on manufacturers. The adoption of models like Vendor Managed Inventory (VMI) in electronics can improve efficiency[3].
Policy Framework: NITI Aayog's focus on empowering MSMEs through programs like the Digital Excellence for Growth and Enterprise (Dx-EDGE) platform underscores the importance of regulatory reforms and support for smaller enterprises[5].
To capitalize on the emerging shifts in global value chains, India must adopt a multi-pronged strategy:
Promoting Innovation and R&D: Fostering collaboration between academia, industry, and government is vital for integrating into high-tech sectors of GVCs[1].
Enhancing MSME Participation: Empowering MSMEs, which are more sensitive to regulatory hurdles, can enhance export competitiveness and contribute to a more diverse supply chain[5].
Simplifying Trade Procedures: Streamlining customs and trade procedures can reduce friction in international trade, making India a more attractive destination for foreign investment[2].
India's journey toward deeper integration into global value chains is both promising and challenging. By addressing regulatory barriers, leveraging sectoral opportunities, and enhancing its manufacturing ecosystem, India can unlock significant economic growth and resilience. The next few years will be crucial in determining India's position in the evolving landscape of global trade.
