India has a high growth potential at a time when many of its key export markets are facing an economic slowdown. The International Monetary Fund (IMF) has predicted that by 2027, India will be the world's fourth largest economy, with a gross domestic product (GDP) of about $5.53 trillion. To reach this target, there is a need to reduce logistics costs and time and achieve exponential growth in both domestic and international trade.
Acknowledging this, many measures have already been taken by the government to support growth and trade. The path-breaking reform of a single goods and services tax (GST), along with schemes like the production-linked incentive programme, a close focus on the country's logistics sector under the PM Gati Shakti National Master Plan for Multi-modal Connectivity and the National Logistics Policy of 2022, apart from trade agreements with key export markets and government support for onboarding small and medium enterprises (SMEs) to digital platforms, are all expected to deliver a manifold increase in India's exports and fast-track our integration in global value chains to make the country atmanirbhar or self-dependent.
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