India's share in global trade has not kept up with its fast-growing economy, as Vietnam and Bangladesh have surpassed the country as low-cost manufacturing and export hubs, according to a recent report of World Bank (WB). Despite India's rapid economic growth, the proportion of trade in goods and services as a percentage of its gross domestic product (GDP) declined over the past decade, said the multilateral lender in the report. India’s share in global exports of apparel, leather, textiles, and footwear (ALTF) initially grew from 0.9 percent in 2002 to a peak of 4.5 percent in 2013, but it subsequently declined to 3.5 percent in 2022, said the report. In contrast, Bangladesh and Vietnam have achieved strong growth, with Bangladesh reaching 5.1 percent and Vietnam 5.9 percent of global ALTF exports in 2022, added the report released last Monday. (ICE NEW DELHI)

Fonte notizia: The Daily Star