‘Deeper integration into value chains is what India needs to rule global trade’

new delhi: With India looking to expand its share in the global export ecosystem, experts at the CII National Exports Competitiveness Summit 2024 here on Wednesday batted for “deeper integration into global value chains” and “transformative initiatives”.

Sanjay Budhia, chairman, CII National Committee on EXIM and MD, Patton International Limited, stated: “There is immense scope to grow India’s share in global trade, currently around 2%, to more than double in the years ahead. The journey will require deeper integration into global value chains, enhanced digital trade infrastructure.”

Sanjay Kumar Agarwal, chairman, Central Board of Indirect Taxes & Customs, said: “Transformative initiatives like the Gati Shakti Master Plan and multimodal logistics parks are reducing logistics costs.”

Santosh Kumar Sarangi, director general, Directorate General of Foreign Trade, Ministry of Commerce and Industry, added: “High collateral demand by financial institutions is a big deterrent for MSMEs.”