World Trade Center will boost India’s look east policy

26 Apr 2023 CW Team

However, despite adopting an approach to tariff reduction that has helped to double its share of global exports of goods and services, a paradigm shift is needed. Especially considering the significant changes the economy has undergone in the last two decades, where growth was underpinned by robust domestic demand and strong investment activity bolstered by the government's push for investment in infrastructure

India has been a member of both the World Trade Organization (WTO) and its predecessor, the General Agreement on Tariffs and Trade (GATT), since July 1948. India has participated actively in the WTO's proceedings as a developing nation, particularly by raising the concerns of the entire developing world as well as its own. India stood out as the most vocal supporter of the developing bloc during the Doha WTO conference in 2001. India had introduced import duties on certain IT products ranging from 7.5%-20% in October, 2018 to balance trade deficits and restrict imports. Since India had committed to no import duty on these products during the initial negotiations, India had to face the heat from other countries under the pretext of having violated the international framework under the WTO. However, India's exports and imports to GDP ratio quickly increased once it became more open to commerce, and it is currently roughly on pace with China.

India’s exports have reached new heights, with merchandise exports having registered the highest ever annual exports of USD 447.46 billion with 6.03% growth during FY 2022-23 surpassing the previous year (FY 2021-22) record exports of USD 422.00 billion. Services exports have set a new record annual value of USD 322.72 billion, with a growth rate of 26.79 percent during FY 2022-23 over FY 2021-22.Although the services sector has performed well, manufacturing and export development have not been as evenly distributed as in other Asian countries.

MoU with Merlin Group set to attract more foreign investors
As the top trade association, CREDAI has constantly acted in a way that supports the expansion of the Indian real estate market by launching projects and collaborating with preeminent institutions. Under the CREDAI Smart Cities program, WTC-branded hubs would be introduced to Indian cities. They will contribute to maintaining the rapid expansion in both the manufacturing and service sectors by making investments in top-notch commercial and trade infrastructure.

The Nabadiganta Industrial Township Authority (NDITA) sector of Salt Lake City is home to a 10.5-acre land tract that the World Trade Center Association (WTCA) partnered with Merlin Group in an endeavour to construct the WTC. Kolkata has been chosen as the principal city of Eastern India, where it will serve as the principal corridor of industrial activities in the eastern part of the country. It is anticipated that the 3.5 million square feet facility will generate close to 30,000 jobs. In addition to support facilities like retail, a 5-star hotel, F&B outlets, and entertainment venues, the facility will also offer World Trade Center-branded services like trade information, trade education, research, inbound and outbound trade missions, business services, tenant services, an international business club, a conference facility, convention and services, an exhibition facility, and IT/ITes offices. As stated by the chairman of Merlin Group, this proposed WTC will usher in economic prosperity for Bengal as well as the east by facilitating collaboration with international trade bodies and investors from other countries through other WTC members. The first phase of the project is expected to be completed by the first half of 2024.

India has emerged as a growing market in information technology, healthcare, and while projecting 7% growth in the financial year 2020, it has made a mark for itself by emerging as the fifth biggest economy in the world. India’s robust export performance has reverberated across borders, and has made tremendous contributions to its economy. Despite global economic distress, India’s overall exports, merchants, and services combined grew at 17.33% to $641 billion during April-January 2022- 2023 as compared to $547 billion in the same time period last year. The leap has been great, considering India’s capability to bounce back despite the post pandemic supply chain tribulations. The participation of India in the global economy has definitely risen in terms of GDP, trade, and the number of Indians living abroad, although the numbers aren’t encouraging in terms of international capital. India has also been able to develop know-how and be successful in exporting many goods and services to a large number of countries. However, despite adopting an approach to tariff reduction that has helped to double its share of global exports of goods and services, a paradigm shift is needed. Especially considering the significant changes the economy has undergone in the last two decades, where growth was underpinned by robust domestic demand and strong investment activity bolstered by the government's push for investment in infrastructure India has been a member of both the World Trade Organization (WTO) and its predecessor, the General Agreement on Tariffs and Trade (GATT), since July 1948. India has participated actively in the WTO's proceedings as a developing nation, particularly by raising the concerns of the entire developing world as well as its own. India stood out as the most vocal supporter of the developing bloc during the Doha WTO conference in 2001. India had introduced import duties on certain IT products ranging from 7.5%-20% in October, 2018 to balance trade deficits and restrict imports. Since India had committed to no import duty on these products during the initial negotiations, India had to face the heat from other countries under the pretext of having violated the international framework under the WTO. However, India's exports and imports to GDP ratio quickly increased once it became more open to commerce, and it is currently roughly on pace with China. India’s exports have reached new heights, with merchandise exports having registered the highest ever annual exports of USD 447.46 billion with 6.03% growth during FY 2022-23 surpassing the previous year (FY 2021-22) record exports of USD 422.00 billion. Services exports have set a new record annual value of USD 322.72 billion, with a growth rate of 26.79 percent during FY 2022-23 over FY 2021-22.Although the services sector has performed well, manufacturing and export development have not been as evenly distributed as in other Asian countries. MoU with Merlin Group set to attract more foreign investors As the top trade association, CREDAI has constantly acted in a way that supports the expansion of the Indian real estate market by launching projects and collaborating with preeminent institutions. Under the CREDAI Smart Cities program, WTC-branded hubs would be introduced to Indian cities. They will contribute to maintaining the rapid expansion in both the manufacturing and service sectors by making investments in top-notch commercial and trade infrastructure. The Nabadiganta Industrial Township Authority (NDITA) sector of Salt Lake City is home to a 10.5-acre land tract that the World Trade Center Association (WTCA) partnered with Merlin Group in an endeavour to construct the WTC. Kolkata has been chosen as the principal city of Eastern India, where it will serve as the principal corridor of industrial activities in the eastern part of the country. It is anticipated that the 3.5 million square feet facility will generate close to 30,000 jobs. In addition to support facilities like retail, a 5-star hotel, F&B outlets, and entertainment venues, the facility will also offer World Trade Center-branded services like trade information, trade education, research, inbound and outbound trade missions, business services, tenant services, an international business club, a conference facility, convention and services, an exhibition facility, and IT/ITes offices. As stated by the chairman of Merlin Group, this proposed WTC will usher in economic prosperity for Bengal as well as the east by facilitating collaboration with international trade bodies and investors from other countries through other WTC members. The first phase of the project is expected to be completed by the first half of 2024.