India’s Manufacturing Exports and Opportunities in Regional Value Chains (RVC’s) with East Asia and Latin America
Asian Resonance(P: ISSN No. 0976-8602 RNI No.UPENG/2012/42622
VOL.-7, ISSUE-4, October-2018 E: ISSN No. 2349-9443 )
Abstract
Research Scholar, Deptt. of Business Economics, Delhi University, Delhi, India
The economic expansion of the regions in comparison with the recent historical trends is steady. Whereas, the past experiences of weak external demand, rising trade protectionism and heightened uncertainty was there in the economies. Over the past decade, almost every region has enjoyed relatively high economic growth rates and made substantial progress in all social and economic indicators (education, poverty reduction, health, and trade). Nevertheless, firm productivity remains low across sectors (agriculture, service, and manufacturing). Some of the economies from East Asia and Pacific (EAP) and Latin American Countries (LAC) have substantially done well in every aspect. But, still, there are some challenges which these countries have faced during the last decade in which alleviating abject poverty, employment generation, reducing inequalities, raising health and educational standards and increasing the size of the economy via economic growth outcomes. There are multifaceted ways to address these challenges but one of the most important ways in which these could be addressed is by focusing on manufacturing, a sector which has rather diminished in importance. The countries under these regions are quite small accompanied by some exceptions, in comparison with Europe and Central and North America. The regional cooperation plays a key role to boost the manufacturing tendencies of the countries and provide a way to achieving the growth and developmental goals. This is especially important in the background of new trends in industrial restructuring being organized in an inter-region or multi-country context, whereby different stages of manufacturing in a particular line of production are spread-out across the countries in a specific region. These trends in production fragmentation can also be known as Regional Value Chains (RVCs) and are also considered more efficient than a situation where each country specializes in each stage of production of a particular product. Against this framework, the paper presents the Indian perspective on evolving a coordinated policy mechanism for the development of the manufacturing sector in the EAP and LAC region by assessing the potential for doing so and also by identifying constraints.
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