India is in the midst of a period of transformational growth. FDI is at an all-time high; net exports are on the upward trajectory; there is new momentum in manufacturing and services sectors; among many other indicators. India is also keen to enhance its participation in Global Value Chains (GVC) particularly at the higher end. The country currently has separate policies for foreign trade, FDI, domestic investment, and industry. However, to further strengthen local manufacturing and increase employment in high-value sectors, it might be important to adopt a holistic approach combining polices on domestic and foreign investment, industry, and trade. In the process, such an approach could also ensure deeper integration of India in GVCs, which account for around 70% of total global trade. Several economies already have such an overarching strategy.

The session would see deliberations on (i) whether such an integrated policy is desirable and possible; (ii) how an integrated policy could, in a targeted and fiscally sustainable manner, enhance local R&D spend, encourage innovation, generate greater high-skilled employment locally, boost domestic manufacturing using emerging technologies, and accelerate green and digital transitions; (iii) how such a policy can increase exports of high-value products and services, and boost India’s participation at the higher end of GVCs.