Meanwhile, although the rising significance of GVCs increases the importance of removing both export and import restrictions, the willingness of nations to cooperate in that regard is at an ebb, noticeably regarding Deep Preferential Trade … The event also grows in stature with the rise of India, the world’s third-largest energy consumer, which is likely to see over $300 billion … Supply Chain Management and COVID-19 – UPSC . • Value Chain – It refers to the full life cycle of a product or process, including material sourcing, production, consumption and … Download free notes PDF for UPSC exam. • Theme: “Trading for Development in Age of Global Value Chains” • 2020 report examines whether there is still a path to development through Global Value Chains (GVCs) and trade. A 1% increase in GVC participation is estimated to boost per capita income levels by more than 1% - about twice as much as conventional trade. Along with the FTA, the factors based on which the effects can be analysed are exports, investments, integration into the global value chain (GVC) and domestic industry. Context: In the lead-up to India pulling out of the Regional Comprehensive Economic Partnership (RCEP), some trade experts had been of the view that ignoring the RCEP would be a big mistake by India. That’s because of the fragmented nature of global trade which is best captured in the phrase “Global Value Chain”. India has to ensure a quick export-import clearance system to promote domestic manufacturers to become part of the global value chain (GVC). Global Value Chains. Global value chains (GVCs) powered an economic revolution over the past three decades: growth accelerated, incomes rose, and poverty rates plunged. Global value chains (GVCs) refer to international production sharing, a phenomenon where production is broken into activities and tasks carried out in different countries. There is a need to aggressively reduce both tariffs and non-tariff barriers on imports of inputs and intermediate products. World Development Report is published by the World Bank. This article will talk about key findings of World Development Report 2020 for IAS 2021 preparation. Context: UPSC GS Paper III - Economic issues (Prelims Mains Interview) A key lesson learnt by the world during the COVID-19 pandemic has been the importance of creating resilient supply chains that can withstand disruptions and ensure reliability for the global economy. Today, almost 50% of global … Group 3: (Chemicals, … Also, we must create mega component hubs through special economic zones, from where components needed by domestic firms may be imported in bulk. In the famed example attributed to Smith, the production of a … The world economy is increasingly embedded in Global Value Chains (GVCs). They can be thought of a large-scale extension of division of labour dating back to Adam Smith’s time. It was variously called New Globalization, Hyper globalization, Global value chain evolution. Objective: To deliver a global platform to understand best-practices, discuss reforms, and inform strategies for accelerating investments into the Indian Oil and Gas value chain. Current FTAs - Few economists have argued that by not signing the RCEP, Indian exporters would miss on exporting to RCEP countries. 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