Countries such as Canada, Israel and Mauritius, besides the European Union (EU) are expecting India to take a lead and conclude negotiations for their Free Trade Agreements (FTA).
Suresh Prabhu, who has just taken over the Ministry of Commerce and Industry from Nirmala Sitharaman has a to focus on a lot of projects that Sitharaman had initiated. The most pressing issues for Prabhu would be to boost India’s exports, containing gold imports, additional liberalisation of the foreign direct investment (FDI) regime and ease of doing business in India. Apart from these issues, Prabhu will also have to focus on trade negotiations, measures to strengthen the manufacturing sector on the principles of ‘Make in India’. Countries such as Canada, Israel and Mauritius, besides the European Union (EU) are expecting India to take a lead and conclude negotiations for their Free Trade Agreements (FTA). Alarmingly, Indian exports had dropped from USD 468 billion to USD 437 billion in the last financial year, although, the exports have picked up in the last 11 months, more is desired, according to an Indian Express report.
Another key area for Prabhu would be to improve India’s ease of doing business ranking. The Department of Industrial Policy and Promotion (DIPP) has been in continuous touch with the World Bank over the issue. The Modi government has been aggressively trying to improve the country’s ease of doing business ranking for the last three years. As per an output-outcome framework released by the Centre, India wants to improve its ranking to 90 in the current fiscal year and wants to be ranked in the top 30 countries for ease of doing business by 2022. In the last two years, India has only managed to improve its standing to 130 from 142 a couple of years ago. The World Bank releases the ease of doing business ranking every year, IE reported.