Question 1 · 10 marks · 155 words written
Opening · a figure
The foreign trade policy lays down target of achieving 2 trillion $ by exports till 2030. This will be an important step towards achieving target of 5 trillion $ economy.
Body · points and prose
Potential of foreign trade policy, 2023
Thus, foreign trade policy attempts to improve market access, expertise of domestic players where state acts as a facilitator; overcoming shortcomings of 1992 Act.
OPS - and fiscal prudence
→ Huge burden on exchequer (9% of State expenditure) → Pension burden rising every year - (16% CAGR) → increasing longevity / life expectancy → burden to provide for spouse of the deceased → dearness allowance indexation involves year-on-year burden → State liability of OPS is said to increase 20% by 2050 → This curbes the fiscal space available to states to invest productively in Health, Education
Close · a summary
Better human capital would ensure that people are active even beyond 60 - reducing dependence on pension and relying on dynamic income sources.