Impact of saarc on indian economy?
Answers
the instability in SAARC countries, political differences and micro economy haven't helped much in boosting the Indian economy. SAARC countries account for 6.6 % of India's total export for fiscal year 2014-2015. (Sri lanka, Bangladesh and Nepal are the top importers from India). The numbers might not be too interesting now but the wave of manufacturing revolution by India has expected to increase it to 9 % by the end of 2016.
SAARC has achieved very little in comparison to the other regional organisations. India, the largest economy and the most populous country in the region, is an idealist as well as a realist in its ongoing efforts to revitalize the SAARC as the preeminent forum of regional cooperation and economic integration. Opening university, food bank and disaster management probe might be initially appreciable steps but in the long run it doesn’t create any big step in accelerating the economy of the region.
The campaigns like Make in India and Start-up India forwarded by Narendra Modi government are expected to bring a lot of manufacturer to India and creating favorable environment for its own people to establish industries. They are going to need a huge markets for its operation. SAARC countries can be their biggest bets in market if cross border trade and their full liberty is facilitated along with removal of tariff barriers.
It is the densest area in the world in terms of population which can prove to be a boon as bigger population gives quicker response of the product in the market. This can help India export its great variety of products through less regulated trade channels and earn foreign exchange.
There is no doubt if the clashes between India and its neighboring countries is prevented, India will become the third largest economy in the world before 2030.
Answer:
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Explanation:
SAARC countries account for 6.6 % of India's total export for fiscal year 2014-2015. (Sri lanka, Bangladesh and Nepal are the top importers from India). The numbers might not be too interesting now but the wave of manufacturing revolution by India has expected to increase it to 9 % by the end of 2016.