India’s 7th national trading policy Review (TPR) began in January 2021 at the World Trade Organization in Geneva.
Trade Policy Review (TPR):
♦ Trade Policy Review (TPR) may be a crucial mechanism under the WTO’s monitoring function, which involves a comprehensive referee of the national trade policies of member countries. The last TPR in India occurred in 2015.
♦ India’s Commerce Secretary stated that since the last TPR, the GOI has taken sort of measures to reform and transform the entire economic ecosystem to satisfy the socio-economic demands of all Indians.
♦ The main policy changes include the introduction of the GST, the Insolvency and Bankruptcy code, labor reforms, and investor-friendly Foreign Direct Investment policies.
♦ Various national programmes include “Made in India”, “Digital India”, “Startup India and Skill India”.
♦ India has improved within the planet Bank’s Doing Business ranking from 142 to 63 in 2015 – 2019.
♦ In 2019-20, India received the absolute best ever FDI inflow of USD 74.39 billion.
WTO Secretariat’s Report:
A comprehensive report issued by the earth Trade Organization (WTO) Secretariat on the occasion recorded all major trade and economic measures taken by India within the past five years. It recognized India’s strong process rate of seven .4% during the quantity under review, and gave positive comments on its reform efforts during this era. The report acknowledged that strong process has led to improvements in socio-economic indicators, like India’s per capita income and anticipation.