India stands a fair chance of emboldening its exports as China vacated about $140 in the labour intensive sectors
By pushing its strategy of getting richer by organic process indiscriminately, China has unconsciously provided favorable grounds for India to boost its exports in labour intensive sectors like apparel, clothing, leather and footwear. Recently China vacated about $140 billion in exports in unskilled sectors which has put the ball in India’s court to seize the opportunity.
India has a vast contribution of blue collared industries in GDP, hence it still enjoys significant export opportunities, especially in labour-intensive sectors such as clothing and footwear. But exploiting these opportunities demands a more liberal and globally orientated approach, relinquishing the export orientation will make it hard for domestic manufacturers to capitalize on this shift in the global market.
India has long been focusing on domestic-demand led growth not just as a short term response to Covid – 19, but as a medium-term growth strategy. It has been observed by the economists and trade experts in India that rapid and sustained economic growth requires export dynamism.
