Actions Need to be Taken
- The domestic produce must be made competitive enough in the global market and better pricing methods needed to be applied in the domestic markets.
- The pharma sector in India could be leveraged to its full potential through setting up the research facilities & providing better conditions as India has a better comparative advantage in the wing of pharma.
- The huge availability of human resource in India can be tapped as well to make every citizen in India self sufficient through skill training programmes. as our country has already proven its strength in the global service market, we can optimize & monetize the advantage we already have.
- The textile industry can be leveraged by equipping it with modern machinery and technology as it was our traditional field of success our country has already experienced.
- Several other potential industries like automobiles, food processing industries etc. needs improvement as we are very far away from the global reach of our brands.
- India definitely needs a wing of marketing expertise to create awareness and promote the Indian brand image.
- Promoting the traditional arts, design, textile industry, monetizing the pharma opportunities are other such steps need to be taken to improve the economy.
World Trade Organization
World Trade Organization: Due to the Globalization scenario, the evolution of international trade resulted in the formation of WTO. To bring transparency in the trading of Goods& Services among the nations led to an agreement that went by the name GENERAL AGREEMENT ON TARIFFS & TRADE (GATT) in 1947. The evolution of the trading system in the world began with this agreement which led to the formation of a fully autonomous democratic organization called WTO.
World Trade Organization