India’s economy is projected to contract around 7 per cent in FY21. It may record a positive gross domestic product (GDP) growth of 9 to 10 per cent in FY22. If things are as usual, the new normal medium-term GDP growth could be 5 per cent per annum. In order to obtain 7 per cent growth, among other things, India has to tackle the stagnation in exports and the next Budget can make a beginning.
It is well known that exports are one of the main engines of growth and employment creation. When India had high growth, during 2000-2011, exports grew
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