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  • Jobs, Exports and The Trade Pacts Link

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    India's economy contracted sharply in the first two quarters of 2020 due to the COVID-19 pandemic, resulting in widespread job losses. Over 20 million jobs were lost during the national lockdown alone. Reviving exports is key to recovering the lost jobs and creating new jobs, as export-oriented sectors are highly labor intensive. However, India's export volumes have declined over the past six years. To revive exports, India needs greater access to global markets through bilateral and multilateral trade agreements, as well as frictionless supply chains. Negotiating favorable trade deals is important for India's economic growth and job creation.

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    Export and Trades relation

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    Export and Trade

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    India's economy contracted sharply in the first two quarters of 2020 due to the COVID-19 pandemic, resulting in widespread job losses. Over 20 million jobs were lost during the national lockdown alone. Reviving exports is key to recovering the lost jobs and creating new jobs, as export-oriented sectors are highly labor intensive. However, India's export volumes have declined over the past six years. To revive exports, India needs greater access to global markets through bilateral and multilateral trade agreements, as well as frictionless supply chains. Negotiating favorable trade deals is important for India's economic growth and job creation.

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    13 views4 pages

    Jobs, Exports and The Trade Pacts Link

    Uploaded by

    Rockzcrazy
    India's economy contracted sharply in the first two quarters of 2020 due to the COVID-19 pandemic, resulting in widespread job losses. Over 20 million jobs were lost during the national lockdown alone. Reviving exports is key to recovering the lost jobs and creating new jobs, as export-oriented sectors are highly labor intensive. However, India's export volumes have declined over the past six years. To revive exports, India needs greater access to global markets through bilateral and multilateral trade agreements, as well as frictionless supply chains. Negotiating favorable trade deals is important for India's economic growth and job creation.

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    JOBS, EXPORTS AND THE TRADE PACTS LINK

    Ø India’s economy contracted by 23.9% in the first quarter of 2020-21. According to RBI, the Indian
    economy will further contract by 10% in July-September quarter.
    Ø Thousands of people lost their jobs due to the slowing economy in 2018--19 and 2019--
    20. In March 2020, COVID-19 struck India and a total national lockdown was announced. More
    than 2 crore people lost their jobs during the lockdown. Ø During the seven-month lockdown
    period, there were 11 crore people who asked for work under MGNREGA(Mahatma Gandhi
    National Rural Employment Guarantee Act)
    Ø To have good economy we have to recover the jobs that were lost and create new well- paying jobs.
    Large numbers of good quality jobs can be created only in sectors that are labour intensive, such as
    apparel, leather goods, value- added agriculture and so on.
    Ø These job- creating sectors depend not only on the domestic market but, significantly, on export
    markets. India, therefore, needs to find more export markets and sustain them in global competition.
    Ø “Make in India” hype, export volumes have languished in the last six years.
    This disruption of export supply chains due to demonetisation and Goods and Services taxes.
    Ø For nearly two decades, the countries of the world invested in a rule based trading order— both
    bilateral and multilateral. Many countries rushed to conclude bilateral agreements(FTA) because they
    realised the benefits to members. Non-members suffered.
    Ø Decades ago, Manmohan Singh, in his doctoral thesis at Oxford University, pleaded for India to shed
    its export pessimism.
    Ø India must import raw materials or equipment or technology from other countries in the supply
    chain. Hence, we must re-learn to engage with other countries and negotiate favourable trade
    agreements through the bilateral and multilateral routes.
    Ø India’s economy is in a shambles. Exports are one of the main engines to revive economic growth and
    create many new jobs.
    Ø To revive exports, India needs greater and frictionless access to global markets.
    JOBS, EXPORTS AND THE TRADE PACTS LINK
    NEW WORDS:
    ØRecession-Downturn, Slowdown
    ØConfronting-Challenge
    ØIrrefutable-Indisputable
    ØHype-Publicity
    ØTribunals-Board, Panel
    ØAbeyance-Suspension
    ØPessimism-Defeatism, Negativity
    ØDetrimental-Harmful
    ØShambles-Chaos, Confusion
    ØAutarky-Despotism
    ØResilient-Strong

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