Abstract
India is an agrarian economy, which contributes about 15 percent of GDP and provides livelihood to more than 50 percent of the total population of the country. WTO has shown a momentous part in the expansion of the export market for developing and developed economy. Several measures are taken by WTO in order to reduce trade restrictions and trade barriers. In this study, we have been analyzed India’s agriculture trade, composition, direction and potential. The study is dependent on secondary data which is gathered from International Trade Centre, Department of Agriculture and Co-operation. Two-digits HS code products range from 01-24 were taken for the study. Few specific two and four-digit HS code products were taken to analyze the Revealed Comparative Advantage (RCA). Data were taken for the period 2001-2018. The export potential of India in international market was identified using reckoning of Balassa’s index of RCA. Study reveals that there has been a positive agricultural trade balance since 1990-91. In some agriculture commodities like coffee, oilseeds, tea and wheat India has a comparative advantage in export and India have both developed and developing countries such as UAE, USA, Saudi Arabia, Vietnam and Iran are exporting partner. In the last, study suggest that the government of India should focus more on producing agriculture products which has a country comparative advantage in trade like tea, oilseeds, coffee and wheat. Study suggests that EXIM bank should provide adequate credit to encourage agricultural export. The farming should be export-oriented to meet international standards.
Highlights
India is an agrarian economy, which contributes about 15 percent in GDP
We are going to study the potential of Indian agriculture in world market and for this; we would find the Revealed Comparative Advantage (RCA)
The idea of this study is to show how the trade potential of the country can increase for the agricultural commodities through
Summary
India is an agrarian economy, which contributes about 15 percent in GDP. This number is not massive because the growth rate of other sectors has been remaining better in last two decades its significance in the economy cannot be denied because. We are going to study the potential of Indian agriculture in world market and for this; we would find the Revealed Comparative Advantage (RCA). David Ricardo, an English Economist of the 19th century, gave a concept with the name of it being Comparative Advantage Theory He considered that the output of the world would increase more than the output they would generate individually once the principle of comparative advantage is implemented by countries for the determination of the goods and services they should get specialized in producing. The idea of this study is to show how the trade potential of the country can increase for the agricultural commodities through. Due to rise in domestic demand because of increase in population growth, India’s agriculture export declined India still has a large potential in exports. There are some suggestions on policy measures for agricultural trade development
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