OECD Economic Surveys: India 2019 by OECD

Author:OECD
Language: eng
Format: epub
Tags: economics
Publisher: OECD Publishing
Published: 2019-12-05T00:00:00+00:00

India is becoming a key player in the global economy partly reflecting the reduction in tariffs since the early 1990s and relatively low non-tariffs barriers. It performs extremely well in exporting information and technology services, pharmaceuticals and petroleum products. India’s large diaspora is well integrated abroad, helping to develop new export markets and facilitate the transfer of technology and know-how. However, India could perform better in some domains. These include labour-intensive manufacturing exports, where India has a clear competitive advantage, and foreign direct investment. Better performance in these areas would boost job creation and thus make growth more inclusive. It would require improving further infrastructure, in particular transport and energy provision, modernising product market regulations, developing skills, and reconsidering barriers to trade and investment. OECD simulations suggest that India would be a major beneficiary were barriers to trade and investment be reduced multilaterally. In the absence of a multilateral agreement, the economy would also gain from further liberalisation of trade and investment. Although India faces restrictions on its export markets, OECD simulations suggest that if India cuts tariffs and non-tariff measures restricting trade by 20% and improve trade facilitation, domestic production would rise by about 3%, exports by 14%. It would also create jobs in the manufacturing sector.

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