Export Strategy- Import substitution unlike its general perception is not undesirable.
- It is not inward looking in the sense of closing door to imports.
- It is focussed on developing domestic capability and prowess to reduce dependence on imports.
- Disruption of supply chains can deprive of critical inputs⟋products.
Aatmanirbhar Bharat Abhiyan
- Agriculture food stuffs including cereals, edible oils, oilseeds, pulses, onions and potatoes to be deregulated.
- Stock limit to be imposed under very exceptional circumstances:
- National calamities,
- Famine with surge in prices.
- No such stock limits shall apply to processors or value chain participant.
- Subject to their installed capacity.
- To any exporter subject to the export demand.
- Government will amend Essential Commodities Act.
Making India a Global Leader in Textile Industry
- Mission to be implemented during FY 2020 - 21 TO 2023 - 24 with an outlay of ₹ 1480 crore.
- Mission has 4 components:
- R&D
- Market Development
- Export Promotion
- Education & Skill Development
- Focus on usage of technical textiles in various flagship schemes of the government.
- Will bring an overall improvement in cost economy & promote Make in India.
MSME Definition Revised
- MICRO
- Investment in P&M⟋Equipment.
- Not more than ₹ 1 crore & Annual Turnover not more than ₹ 5 crore.
- SMALL
- Investment in P&M⟋Equipment.
- Not more than ₹ 10 crore & Annual Turnover not more than ₹ 50 crore.
- MEDIUM
- Investment in P&M⟋Equipment.
- Not more than ₹ 50 crore & Annual Turnover not more than ₹ 250 crore.
Ricardo՚s Theory of Comparative Advantage
- International trade is the result of differences in the relative opportunity.
- Costs of countries in the production of different goods.
- Even if a country is self-sufficient it should still trade.
✍Examrace Team at Aug 25, 2021