NITI Aayog CEO recently emphasized that India must adapt to non-tariff barriers and become part of Global Value Chains (GVC) at the Confederation of Indian Industry’s (CII) Annual Business Summit 2024.
About GVC:
- GVC is an international production sharing system where production is broken into activities, and tasks are carried out in different countries.
Benefits of GVC:
- Increased growth: It leads to productivity growth, job creation, increased living standards. Countries embracing GVC grow faster, import skills and technology, boost employment, and earn higher foreign exchange earnings.
- Using better technology: Countries generate growth by moving to higher-value-added tasks and embedding more technology in their agriculture, manufacturing, and service production.
Ref: Source
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