India's relationship with other countries, brief details about India's EXIM policy | SBI PO Prelims & Mains Preparation - Bank Exams PDF Download

India's relationship with other countries, brief details about India's EXIM policy

Due to its size and a sheer 1.3 billion population, India is on track to become the third-largest economy in the world. It is also the largest and the most diverse democracy in the world. When India was grappling with COVID second wave, the whole world stood in solidarity. It wasn’t out of pity or charity but a result of the relations that India has nurtured all these years. This is known as "politics of compassion," and it is what caused India to receive more aid than the nation that was most severely affected by the outbreak. The foreign leaders are now sympathetically responding to India's generous policy. India very certainly deserves this! India has consistently offered free assistance to both rich and developing nations, not just during the pandemic but also in the past.The world has understood the strategic importance that India holds whenever security is being discussed. The Asian geopolitical scenario is incomplete without Indian intervention.
"The Foreign Trade Policy" is something that lays down the simple and transparent trade procedures for the efficient management of trade in India. Due to the ongoing epidemic, which caused it to be postponed, the current EXIM policy has been in effect for an additional year and a half. India's growth rate is predicted to be 7.3% in 2021 according to several predictions. Only until exports accelerate will the trade situation turn around. A lot, hence, would depend on the policies being framed as the sole aim should be positioning Indian goods at par with the world. What the traders are expecting from the policy is an easy-access to credit. India needs to focus on the quality and the technology to scale production and not subsidies. The export infrastructure also need a lot of attention because it is one area where we lag behind many other, superior nations. India must adjust its EXIM policy to accommodate all expectations if it is to fulfil its long-term economic goals.