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Trade
Trends in India’s regional export diversification
The recent disruptions in global trade point to the emergence of a ‘new normal’, where flows of goods are vulnerable to factors such as conflicts, uncertain tariffs, and export restrictions. In this post, Sharmila Kantha examines the trends in India’s exports between 2017 and 2024 and deliberates on how the country can respond to this new normal through regional diversification in terms of its export markets.
India’s new FTAs: Strategic shift to developed economies
The recently concluded India-UK Free Trade Agreement is a part of a wider shift in India’s global economic strategy, which has involved a renewed focus on FTAs with developed countries. In this post, Sharmila Kantha contends that, in a changing global trade regime, India must tread with care to balance the markets to its West and East and align its geopolitical and geo-economic objectives
The tariff tantrums
President Trump’s administration has imposed steep tariffs on countries across the world, ostensibly to promote fair trade and reduce US trade deficits. However, Parikshit Ghosh argues that these “reciprocal” tariffs lack clear economic logic and reflect a mercantilist worldview. He notes that India should be prepared for a global recession in the face of this policy, and should tap into the strength of its domestic markets
How firms adapt supply chains to climate risk
Amidst growing climate risks, localised weather events such as floods or droughts pose a threat to the links between firms and their suppliers. Using data from India, this article analyses how businesses adapt their sourcing strategies to mitigate climate risks, and the broader economic implications of their responses. It finds that while supply chain diversification by firms enhances economic stability, it may deepen regional disparities.
Red flags in EU’s green trade policies
The approach to aligning trade practices with sustainability has shifted from soft commitments to mandatory regulations and standards. In this post, Abrol and Singh reflect on how two such policies – the EU Deforestation Regulation and the corporate sustainability due diligence directive – may adversely impact trade from developing countries. They contend that these regulations should recognise country-level differences and provide greater regulatory space for developing countries to pursue catch-up policies.
How the Bangladesh unrest may impact India’s trade
Bangladesh has been a major export market for India, with India traditionally enjoying a strong trade surplus with its neighbour. In this post, Pandey and Sharma provide an overview of recent trends in India-Bangladesh trade, and consider how Bangladesh’s ongoing political turmoil may impact its import demand, prospects of an India-Bangladesh free trade agreement, and India’s role in global textile trade.
EU’s ‘Carbon Border Adjustment Mechanism’: How will it impact trade?
Introduced in 2023 by the European Union, the ‘Carbon Border Adjustment Mechanism’ will apply a carbon price on emissions embedded in the production of carbon-intensive goods imported to the region. In this post, Gupta, Pandey and Sapatnekar contend that the initiative can impact trade competitiveness and profitability of exporters, favouring nations with faster decarbonisation ability and robust carbon pricing systems
Implications of shifting trends and patterns in India’s oil exports
Sharmila Kantha outlines why the high share of petroleum products in India's exports is a concern – particularly considering the declining trend in India's oil and gas production and fluctuating global demand. She shares some trends in the volume and value of India's oil exports and imports, as well as statistics on the key countries with which it trades. She concludes with some policy suggestions to increase production and ensure the stability of India's oil exports.
Making the most of Indian millets: Lessons from the International Year of Quinoa
In the fourth post of the e-Symposium on ‘Carrying forward the promise of International Year of Millets’, Pallavi Agrawal reflects on the success story of quinoa, and how the International Year of Quinoa in 2013 was harnessed to market the crop’s health benefits and expand its cultivation to other countries and increase demand. She suggests some ways in which India can capitalise on the current millets buzz – including marketing it as a superfood, expanding production to satisfy to global demand, and investing in better processing and improving value chains.
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