India’s current position in global trade stands at a modest 2%, yet the Confederation of Indian Industry (CII) has laid out an ambitious plan to double this share by implementing targeted strategies. These initiatives aim to strengthen the domestic trade ecosystem, reduce costs, and align with global practices, thereby boosting India’s competitiveness in the international market.

Key Strategies for Growth

1. Empowering MSMEs:
   Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India’s economy. CII suggests focused interventions to enhance their competitiveness and capabilities, including skill development, financial support, and better market access.
2. Enhanced Digital Trade Infrastructure:
   To streamline trade processes, CII advocates for robust digital systems that simplify trade-related procedures and minimize inefficiencies.
3. Integration into Global Value Chains (GVCs):
   India must play a more significant role in global supply chains. By fostering collaborations with international stakeholders and improving product quality, Indian exporters can enhance their presence in GVCs.
4. Online Portals for Efficiency:
   A unified online platform is proposed to disseminate trade-related circulars for different ports and locations. This initiative will ensure transparency and reduce delays.
5. Adoption of Global Best Practices:
   Emulating global practices like the Customs Authority on Advance Ruling (CAARR) Regulation, 2021, can help India streamline customs procedures and provide exporters with clarity on regulations.
6. Strengthening the Authorized Economic Operator (AEO) Program:
   Enhancing the AEO program will facilitate faster clearances and reduced checks for compliant traders, boosting trade efficiency.
7. Reducing Trade Costs:
   Simplifying litigation processes and improving refund mechanisms for exporters are critical steps to lower operational costs. This will encourage more businesses to engage in cross-border trade.
8. Improvement in Tax Practices:
   Aligning India’s tax systems with international standards will improve the ease of doing business and facilitate smoother cross-border transactions.
9. Collaboration with the Government:
   Close cooperation between CII and the government is essential to address challenges in manufacturing and export growth. Joint efforts can lead to structural and regulatory enhancements that benefit all stakeholders.

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Key Data Table: CII’s Trade Growth Suggestions

Aspect	Details
Current Global Trade Share	2%
Focus on MSMEs	Enhance competitiveness and capabilities of MSMEs
Digital Trade Infrastructure	Develop robust systems for smoother trade processes
Integration in GVCs	Encourage deeper involvement in global value chains
Online Portals	Unified platform for issuing trade-related circulars
Global Best Practices	Implement systems like CAARR Regulation, 2021
AEO Program	Strengthen AEO initiatives to facilitate trade
Trade Cost Reduction	Minimize litigation and improve refund mechanisms for exporters
Tax System Improvement	Align with global standards to ease cross-border transactions
Government Collaboration	Jointly address manufacturing and export challenges with the government

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Conclusion

The CII’s recommendations provide a comprehensive framework to propel India’s trade ambitions. By focusing on MSMEs, leveraging technology, and adopting global best practices, India can position itself as a key player in global trade. Collaboration between the government and industry stakeholders will be pivotal in realizing this vision.