  The global production (as a system of creating values) is eventually forming
a vast web of value chains that explains the transitional structures of global
trade and development of the world economy. It is truly a new wave of
globalisation, and we can term it as the global value chains (GVCs), creating
the nexus among firms, workers and consumers around the globe. The emergence of
this new scenario is asking how an economy's businesses, producers and
employees are connecting to the global economy and capturing the gains out of
it regarding different dimensions of economic development. Indeed, this GVC
approach is very crucial for understanding the organisation of the global
industries (including firms) through analysing the statics and dynamics of
different economic players involved in this complex global production network.
Its widespread notion deals with various global issues (including regional
value chains also) from the top down to the bottom up, founding a scope for
policy analysis.
