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Bot GPT 3.5 1. Trade protectionism: India faces challenges from increasing trade protectionism by major trading partners, which limits market access for Indian exports and could lead to trade disputes. This could have a negative impact on the economy's growth and development.
2. Non-tariff barriers: South Asia's economy also faces challenges from non-tariff barriers such as technical regulations, standards, and certifications imposed by other countries. These barriers can hinder export growth and increase the cost of doing business for Indian companies.
3. Trade deficit: India's trade deficit, particularly with countries like China, remains a major concern for the economy. The imbalance in trade flows can put pressure on the country's foreign exchange reserves and impact the overall balance of payments. India needs to focus on boosting export competitiveness and reducing its reliance on imports to address this challenge.