Question

Discuss the role of WTO in India’s socio-economic development.

Answer 1

WTO and India:
India is the founding member of the WTO. India favours a multilateral trade approach. It enjoys MFN status and allows the same status to all other trading partners. India benefited
from WTO on the following grounds:

1. By reducing tariff rates on raw materials, components, and capital goods, it was able to import more for meeting its developmental requirements. India’s imports go on increasing.
2. India gets market access in several countries without any bilateral trade agreements.
3. Advanced technology has been obtained at a cheaper cost.
4. India is in a better position to get quick redressal from trade disputes.
5. The Indian exporters benefited from wider market information.