Vision of New India – USD 5 Trillian Economy

First ever agriculture export policy launched in India shines in Ease of Doing Business Rankings. Himalai IAS Coaching Centre in Bangalore aims is to bring awareness about current affairs for the Civil Services Exam like IAS exam, KAS exam, banking exam.

Vision of a new India:

The Ministry is creating an action-oriented plan which will highlight specific sector level interventions to bolster India’s march towards becoming Indian economy USD 5 trillion before 2025. The contribution to USD 3 trillion and focused plans will be on boosting services sector, Agriculture to USD 1 trillion and manufacturing to USD 1 trillion.

  • Agriculture Export Policy 2018: The Commerce Ministry has formulated India’s first Agricultural Export Policy with a focused plan to boost India’s agricultural exports to USD 60 billion.
  • Elements of Agriculture Export Policy: The recommendations in the Agriculture Export Policy are in two categories Strategic and Operational. Strategic involves policy measures, infrastructure and logistics support, holistic approach to boost exports. Operational involves focus on clusters, Promoting value added exports, Miscellaneous.
  • Promotion of trade: Commerce Ministry is working closely with the Finance Ministry to ease credit flow to the export sector, especially small exporters to ensure adequate availability of funds to them.
  • India has made 23 ranks in the World Bank’s Ease of Doing Business Ranking this year to be ranked at 77. Upward move of 53 ranks highest improvement in 2 years by any large country since 2011. India now ranks first in Ease of Doing Business Report among South Asian countries.
S. No. Indicator 2017 2018 Change
1 Construction Permits 181 52 +129
2 Trading Across Borders 146 80 +66
3 Starting a Business 156 137 +19
4 Getting Credit 29 22 +7
5 Getting Electricity 29 24 +5
6 Enforcing Contracts 164 163 +1
Overall rank 100 77 +23
  • Made in India: Prime Minister of India Narendra Modi Launched on 25th September 2014 to make India the hub of manufacturing, India has emerged as one of the fastest growing economies.
  • Exemption is given where estimated value of procurement is less than Rs. 5 lakhs and minimum local content shall ordinarily be 50%. A Standing Committee in Department of Industrial Policy and Promotion, under the chairmanship of Secretary, DIPP implementation of the 2017 order giving to make in India products.
  •  India Trade Promotion Organisation: India Trade Promotion Organisation (ITPO) is the trade promotion agency of the Ministry of Commerce and Industry. Exhibitions and conventionsat ground in PragatiMaidan in New Delhi, the ITPO holds the India International Trade Fair (IITF) since 1980 every year.
  • Indian Institute of Foreign Trade (IIFT) is an autonomous publicbusiness school under the Ministry of Commerce and Industry to help professionalize the country’s foreign trade management and increase exports by developing human resources.
  • WTO negotiations-related knowledge and documentation was set up in the year 1999. It was also envisaged that the Centre would evolve into a research unit with interest in trade in general and WTO in particular to finally develop in the area.