As per the recent reports by IMF, the mean growth rate of the country’s goods exports ranging between 2012 and 2016 was around 3%. Taking a look at the larger picture, it was seen that the emerging nations have fared much better and therefore, consumption is the most compelling point of growth in the country. But the experts expect that the growth rate to improve from 8% by 2021. This will make India one of the fastest rising economies among its rivals. It is worthy to mention here that 2016-17 has already witnessed a surge in export growth. Here comes the question of what more can India do in order to materialize its long term expectations pertaining to the growth of exports. The development of skills in the following areas can lead to desired consequences within the next few years.
Information dissemination should percolate down to the levels of the district:
A hindrance to the Indian export industries, particularly MSME, is ignorance. The center has taken this matter into consideration and they are striving to put all the important information for the citizens. Recently, a trade analytics portal has been launched which is sharing data about different products and their volumes. This is an effective way of improving skills and disseminating information about the center’s schemes such as promotions and foreign trade partnerships along with promotions so that exporters from the lower strata can also participate in it. The foreign trade strategy documents are also publically available which makes skill development in this sector easy. States are taking active measures for setting up state promotion agencies so that customized strategies can be developed and percolated down to the micro-levels.
Considering market-based export promotion along with supply based:
There has been a shift in demand based export along with customer needs and delivery. The recent outreach of the country for assisting the African nations is more on soft-development areas like education, healthcare, and others. This can be a brilliant opportunity for exporters in these fields. Skill development programs should be set up in such a manner that it becomes easier to determine where the Indian products can fit in besides adding value to the existing products and services so that they do not become inappropriate for the fast-evolving marketplace.
Streamlining logistic and infrastructural aspects of exports:
A dire need to reach out to more consumers is felt for many years. Consumers have mostly migrated to online platforms, skill development is required in the MSME sector. The present online shopping platforms are able to offer that, yet a revamp is required. The export forms should also be redrafted in such a manner so that the goods can go to the central warehouse and avoid excise on the goods that have been returned.
An essential component of the skill development in export sector lies in identifying the specific markets where our country has the power to deliver. There can never be any disparity or disconnect between the needs of the industry and skill supply. Though the National Skill Development Corporation has been endeavouring towards development of skills in specific fields, a shift in demand based export can help in determining the new skill sets that are needed.