How to make in India–and protect economy from supply shocks
2 years, 3 months ago

How to make in India–and protect economy from supply shocks

Live Mint  

NEW DELHI : With the global decline in commodity prices in the last few weeks, domestic inflation rates have begun to ease as well. As the authors of a recent Reserve Bank of India paper note: “The covid-19 pandemic has delivered the biggest and broadest shock to global value chains in living memory, putting at risk trade in intermediate goods that account for two-thirds of global exports." Backward, forward linkages In more traditional and older models of trade, based on so-called comparative advantage, the idea of a ‘value chain’, whereby country A sold a good to country B, which processed it and sold it to country C and so on, was virtually unknown. Quantifying connections Measuring the extent to which a country like India participates in the global value chain is complex. By this metric, the share of Indian manufacturing trade, whether exports or imports, that is part of a global value chain, has risen from around 30% in the early-1990s by a few percentage points.

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