The importance of trade, manufacturing and services, in providing employment and raising living standards, cannot be over emphasized. The sheer size of the Indian market has made it an important one for almost all the global producers. With respect to imports and exports, India has to strike the right balance to keep its huge and diverse labour force fruitfully engaged. The combination of technology and innovation has not only impacted the way we live but also the way we trade. Digital economy is one such innovation that has removed numerous bottlenecks that retarded trade, and increased productivity and incomes in India. The spectacular rise of our software services sector and tourism has shown how innovation at the sector and policy level can work wonders for the country. Even so, sectors such as tourism, hardware manufacturing, and e-commerce require in depth studies and focused policy attention.
At Pahle India Foundation, we study India’s capabilities in trade and innovation and of the digital economy, and their interactions in order to come up with suggestions that will help the Indian service industry and Indian manufacturing firms, big and small, to plug into global value chains, increase their market access, maximise employment opportunities, and accelerate the growth of the Indian economy.