Consider you are a member of the committee formed to review the global value chains (GVCs). The Chair of the committee has asked to prepare a briefing report on global value chains in general. In preparing the briefing report, you are asked to focus on the following aspects: (a) Discuss the evolution (growth) and economic significance of GVCs. (b) What are the implications of GVCs for inclusive and sustainable global environment, and environmental policies? (c) The production processes in GVCs are vertically fragmented across countries. In this context, do you see any challenges with regard to taxes on and subsidies to socially responsible enterprises/companies participating in global production networks? (d) We know that trade statistics (data) attribute full value of a good or service to the last country in the chain that finalised the production. Similarly, we also know that gross domestic product (GDP) is the money value of all final goods and services produced within a country during a given period. The production of a good in GVCs, however, involves multiple countries. In this background, do you see any challenges in recording the transactions of enterprises in the balance of payments and national income accounts of a country. (e) Based on your analysis, what inclusive, socially responsible and sustainable practice-based policy recommendations would you make to the committee to resolve the issues/challenges discussed in parts (b), (c) and (d) above.