AIR 24 · CSE 2023 · GS3 · 52 pages

Prajnanandan Giri: GS3 answer copy

20 answers by Prajnanandan Giri, as written in the test. Each question opens a page with how other toppers answered it.

The questions

The answers

Question 1 · 175 words written

Foreign trade is an important milestone on the path of becoming a 5 trillion USD economy. In this context, analyse the potential of the recently released Foreign Trade Policy, 2023 in revamping India's participation in global trade.

Opening · a figure

India's foreign trade consists of 18% of total GDP. With recent Foreign Trade Policy 2023, India aims to achieve 3 trillion USD of exports by 2030, which will be a significant contribution to GDP.

Body · points

Potential of Foreign Trade Policy 2023

  1. Creation of Towns of Export Excellence ↳ To promote export of specialised products with high global demand.
  2. Integrated digital technology in export process → promote e-Commerce based export.
  3. Streamline tax framework → to ensure zero-rated export & global competitiveness.
  4. Focus on export of capital goods ↳ higher earnings & more employment generation.
  5. Focus on free trade agreements to boost exports.

Challenges -

  1. Limited value addition focus
  2. Need of diversification of export destinations - explore South America & African market
  3. Need to promote MSMEs, which contributes to 40% of export.
  4. Other logistics & infrastructure related issues not addressed.

Close · a way forward

However, Foreign Trade Policy 2023 complemented with National Logistics Policy, Bharatmala & Sagarmala like schemes will boost exports in coming years to achieve 5 trillion $ economy.