India needs to integrate into global value chains: NITI Aayog CEO

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NITI Aayog CEO B V R Subrahmanyam on Tuesday emphasised on the need for India to integrate into global value chains and adapt swiftly to emerging trading systems, according to an official statement.

While addressing a thematic workshop on 'Inclusive Trade for Growth & Prosperity' organised by NITI Aayog, Subrahmanyam also highlighted the need for a non-discriminatory and inclusive trading system which facilitates trade as an engine of growth and prosperity.

Also speaking at the event, NITI Aayog member Arvind Virmani highlighted the need for strengthening key areas such as labour-intensive supply chains, institutional factors for policy framing and simplifying taxation system, and integrating payment, refund and export credit systems especially for MSMEs.

Virmani also pointed out the need to address various anti-dumping issues and the need to foster free trade agreements with potential partners.

NITI Aayog member Ramesh Chand stressed on the need of reducing non-tariff barriers; mobilizing resources for scaling up aid-for trade, particularly for MSMEs in developing and least-developed countries; and digital inclusion in three areas -- infrastructure, skills and data ownership.

NITI Aayog is organising a series of thematic workshops on key agendas of New Delhi Leader's Declaration (NDLD) to devise actionable strategies and plans that can be implemented to provide impetus to growth and prosperity of the country.

Other thematic workshops are focused on topics of SDGs (sustainable development goals), roadmap for tourism, digital public infrastructure, India and African Union cooperation, data for development, women-led development, etc.