Survey has been made readable like "a blog": Subramanian

Last Updated: Friday, February 27, 2015, 17:18

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"Joining RCEP might help but not fully since the expectation is that the overall standards in RCEP will be weaker than under the TPP and TTIP," the Survey said, adding "in the context of the slowdown in both world growth and India's export buoyancy, any possible exclusion from the mega-regionals would be additionally worrisome".

It also said that a significant upgrading of Indian trade capability will be necessary for India to be able to join these (TPP and TTIP) mega-regionals.

Explaining about buoyancy of India's exports, it said that in the early 2000s, the buoyancy was high and rising, particularly for services.

Every 1 percent growth in world GDP was associated with a 3 percent growth in Indian exports of services in 2001, which rose to over 8 percent a few years later, stabilising at around 5 percent just prior to the financial crisis.

"Thereafter, it has been in steady decline and the most recent estimate suggests a buoyancy of one. The pattern is broadly similar for manufactured exports, although it was less buoyant than services in the boom phase," it added.