Indian exporters need to be future-ready for technology and sustainability : ASSOCHAM-Deloitte Report

2022-08-05 16:45:18 Trade Body / Associations News

With exports of both services and merchandise becoming a key driver in realising India’s ambitions to become a USD 5 trillion economy, the country’s exports will have to be future-ready in terms of conforming to evolving global standards of green technology and sustainability, including experimentation around the central bank digital currency, an ASSOCHAM-Deloitte report has said.

Though the drive towards global sustainability standards may not be uniform for each nation due to varying socio-economic conditions, it will lay the ground for innovative solutions to produce and finance sustainable goods and services. ” Hence, as the first step, it has become imperative for India to act in defining sustainability standards that progressively match global expectations and keep up the momentum in export growth”, the report titled ‘Trade finance ecosystem: The path to inclusive and sustainable growth’  emphasised.

ASSOCHAM Secretary General Deepak Sood said, ”Concepts like ‘supply chain finance (SCF)’ , Distributed Ledger Technology (DLT)-based trade ecosystem and the Experimentation around Central Bank Digital Currencies (CBDCs) are gaining traction amongst the national governments, regulators, technology innovators and votaries of environment protection.

We need to double down on the technologies and future ecosystems”.

The confluence of new emerging technologies, such as blockchain, Internet of Things would play a key role in making the Indian exports and the processes efficient and compliant to green norms.

India has witnessed steady growth in exports over the last few years, albeit inconsistently.

The ASSOCHAM-Deloitte report also pitched for creating a framework  to reduce the compliance burden and standardise the documentation requirements to reduce the time for due diligence conducted by banks and other financial institutions. MSMEs should also be educated about incorporating SCF into their ecosystem.

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