INDIA RELEASES NATIONAL TRADE EFFICIENCY ASSESSMENT WITH GCEL

India’s Ministry of Shipping, Indian Institute of Management Udaipur (IIMU), Confederation of Indian Industry (CII), and GCEL released the India Trade Efficiency Assessment, measuring trade efficiency against current technological capabilities.

The assessment found that India could reduce annual trade costs by USD 40.5 billion, increase trade by USD 161 billion, access a USD 6 trillion services market, create a USD 1 trillion SME Fund, and generate millions of jobs. The findings were presented to the Ministry of Shipping, Ministry of SMEs, IGNOU, and CII.

The assessment represents the first step toward India’s leadership in the Digital Economy through GCEL’s 18-month HumaWealth Program, which integrates e-commerce, e-finance, e-insurance, e-logistics, and e-grants to improve trade efficiency.

Similar assessments covering 40% of Asia’s population and 22% of the world’s population were conducted in Indonesia, Saudi Arabia, Malaysia, and Turkey. Results showed that 81% of trade participants lack a system and 88% support the proposed Digital Economy Platform. To date, one-third of G20 citizens support the Digital Economy.

The GCEL delegation was led by Tan Sri Abdul Rahman Mamat, former Secretary General of Malaysia’s Ministry of International Trade and Industry (MITI). Discussions also addressed the E-Hub of the World, which will support and enhance the Digital Economy through leading technology providers at no cost to end users.