India must address structural challenges to achieve Viksit Bharat vision by 2047: WTO report

NEW DELHI: (Jul 21) India needs to address structural challenges such as high trade costs, regulatory complexity, infrastructure gaps and barriers to deeper global integration to achieve its goal of becoming a developed nation by 2047, according to a WTO report.

According to the trade policy review report on India by the WTO Secretariat, significant progress was achieved in financial inclusion.

But at the same time, the policy framework included relatively high tariffs, the use of import and export controls, state trading, and extensive budgetary support programmes (most notably for the supply of food grains and fertiliser), it said.