Economic Impact of Standards: Macro- and Microperspective

The economic indicator of a country is—gross domestic product (GDP), investment, international trade, and stability and all these are directly connected to the quality of products, services, and life offered. The quality is defined by the standards which addresses the consumer expectations. The quality infrastructure of a country is built on standards as foundation. Stronger the foundation, stronger the infrastructure. The technologies are evolving at much faster pace than ever and along with the pace of development, they bring associated challenges of safety, security, and sustainability. The science-based, data-driven standards are the engine for the economy to grow. Harmonized global standards facilitate trade by winning the consumer trust. One globe—one market—one standard is the mantra for economic growth and for safe, secure, and sustainable living for all across the globe.