NEW DELHI : The onus to take advantage of the free trade agreements (FTA) that India is signing with other countries, is on the private sector, the Economic Survey said, even as it emphasised on product basket and destination diversification for export growth amid slowing global economy,
“Governments can try and open markets through FTAs. But, to take advantage of that is in the hands of private sector participants,” the survey said, highlighting that the export outlook may remain flat in the coming year if global growth does not pick up in 2023.
New Delhi has inked trade pacts with the UAE and Australia recently, and is in talks with the UK, EU and Canada for similar agreements.
“At times when the base (global growth and global trade) is not growing, export growth will have to come predominantly through market share gains,” it said.
India achieved an all-time high annual merchandise export of $422 billion in FY22. The Netherlands has displaced China from the third spot as India’s exporting partner in April-December FY23 and India has diversified its export destinations over time with the share of South Africa, Brazil and Saudi Arabia rising while those of China and the US fell.