India's Trade Strategy: Diversification, FTAs, and US Dialogue

India must diversify its exports, accelerate free trade agreement negotiations, and maintain dialogues with the United States to finalize a Bilateral Trade Agreement, said S Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister, during the 'First ISID@40 Distinguished Person Lecture.'

Despite protective policies and reduced international trade, India has opportunities to increase its world market share. Dev highlighted the need for rule-based World Trade Organization frameworks over protectionism, especially amid US pressures regarding crude oil purchases from Russia.

Dev underscored the importance of strengthening India's manufacturing sector by creating more medium-sized firms. Emphasizing consistent export growth as crucial for economic expansion, he advocated raising the nation's investment rate and boosting rural and urban demand to encourage private investment.