This article will talk about key findings of World Development Report 2020 for IAS 2021 preparation. Context: In the lead-up to India pulling out of the Regional Comprehensive Economic Partnership (RCEP), some trade experts had been of the view that ignoring the RCEP would be a big mistake by India. Characteristics of 4.0 Major turbulence for Service Sector: While Globalization 1.0, 2.0 and 3.0 were mainly a concern of people who made/manufactured products for a living (since globalization focused on things that we made), Globalization 4.0 … Download free notes PDF for UPSC exam. Context: UPSC GS Paper III - Economic issues (Prelims Mains Interview) A key lesson learnt by the world during the COVID-19 pandemic has been the importance of creating resilient supply chains that can withstand disruptions and ensure reliability for the global economy. World Development Report is published by the World Bank. Global Value Chains. India has to ensure a quick export-import clearance system to promote domestic manufacturers to become part of the global value chain (GVC). Learn about Global Value Chains (GVCs) - focus of the WDR 2021. Objective: To deliver a global platform to understand best-practices, discuss reforms, and inform strategies for accelerating investments into the Indian Oil and Gas value chain. The world economy is increasingly embedded in Global Value Chains (GVCs). Meanwhile, although the rising significance of GVCs increases the importance of removing both export and import restrictions, the willingness of nations to cooperate in that regard is at an ebb, noticeably regarding Deep Preferential Trade … There is a need to aggressively reduce both tariffs and non-tariff barriers on imports of inputs and intermediate products. • Value Chain – It refers to the full life cycle of a product or process, including material sourcing, production, consumption and … Along with the FTA, the factors based on which the effects can be analysed are exports, investments, integration into the global value chain (GVC) and domestic industry. Also, we must create mega component hubs through special economic zones, from where components needed by domestic firms may be imported in bulk. Group 3: (Chemicals, … The event also grows in stature with the rise of India, the world’s third-largest energy consumer, which is likely to see over $300 billion … In the famed example attributed to Smith, the production of a … It was variously called New Globalization, Hyper globalization, Global value chain evolution. Global value chains (GVCs) powered an economic revolution over the past three decades: growth accelerated, incomes rose, and poverty rates plunged. We need Indian firms to be part of the global value chain by attracting multinational enterprises and foreign investors in labour-intensive manufacturing, which will facilitate R&D, branding, exports, etc. A 1% increase in GVC participation is estimated to boost per capita income levels by more than 1% - about twice as much as conventional trade. Current FTAs - Few economists have argued that by not signing the RCEP, Indian exporters would miss on exporting to RCEP countries. • Theme: “Trading for Development in Age of Global Value Chains” • 2020 report examines whether there is still a path to development through Global Value Chains (GVCs) and trade. They can be thought of a large-scale extension of division of labour dating back to Adam Smith’s time. Global value chains (GVCs) refer to international production sharing, a phenomenon where production is broken into activities and tasks carried out in different countries. Supply Chain Management and COVID-19 – UPSC . That’s because of the fragmented nature of global trade which is best captured in the phrase “Global Value Chain”. Today, almost 50% of global … Global Supply Chain Politics | UPSC : Global supply chain was disrupted by COVID-19 but still few countries managed to dominate.Discuss For IAS 2021 preparation labour dating back to Adam Smith ’ s of... 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