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At the prestigious News9 Global Summit Germany Edition, Dr. Arvind Virmani, a distinguished Member of NITI Aayog and former Chief Economic Adviser to the Government of India, delivered a compelling keynote address on the future of global trade and India's burgeoning economic influence.
His insights focused on two pivotal trends shaping the international landscape and the profound opportunities they present for an enhanced India-EU Free Trade Agreement (FTA).
Dr. Virmani first addressed the increasing country concentration of global manufacturing, which has witnessed a rapid rise over the past 25 years, leading to a near monopoly in certain sectors, including rare earth metals.
He presented data illustrating Chinas dramatic ascent, with its share of world manufacturing value added approaching 30%, and its manufacturing output now 1.6 times that of the USA and five times that of Germany. This significant concentration, measured by rising Hufendahl Index scores, carries inherent economic, geopolitical, and national security risks, necessitating urgent diversification.
