India already has a trade deficit with 11 RCEP countries. Potential losses from foreign goods, who would find more space in Indian market, likely led to rejection.
Modi govt has asked China to provide quick clearances for made-in-India drugs at the India-China Strategic Economic Dialogue meet held between 7-9 September.
External affairs minister S. Jaishankar said Chinese protectionist policies created a significant trade deficit between India and China. In the fiscal year ended March 2019, the trade deficit with China was $53.6 billion.
Australia, Brazil, Guatemala have requested WTO to set up panel to challenge India’s subsidies & make it more accountable for ‘trade-distorting’ policies.
In reaction to India's move of revoking Article 370, Pakistan also downgraded diplomatic ties with India by expelling Indian High Commissioner Ajay Bisaria.
The 2 countries have been in a bitter trade war since last month when Japan imposed export controls on 3 essential chemicals used to make memory chips, which is among Korea’s top exports.
On paper, the 21-point plan looks balanced—Palestinian governance, international oversight, reconstruction pledges. But in reality, it is a non-negotiable diktat.
As many as 21 policy reforms are under implementation following Invest Kerala Global Summit, as LDF govt works to change perception that the state is not conducive to businesses.
Amid continued concerns over cross-border terrorism, General Upendra Dwivedi further warned the neighbour that India will not show restraint if there is an Op Sindoor 2.0.
What Munir has achieved with Trump is a return to normal, ironing out the post-Abbottabad crease. The White House picture gives us insight into how Pakistan survives, occasionally thrives and thinks.
The 10 ASEAN nations will now be bound to China economically. This will also inform their strategic pisture. India stands to lose relevance in Asia.
Factor market reforms in the last 5 years would have made our industry more competitive and confident.
The real solution is to have policies to make India more competitive. A closed economy regardless of any pretext is the wrong prescription. Modi needs to reform the economy with land and labor reform and building adequate infrastructure. The slowing of the economy and a downgrade by Moody’s is a compelling indication of a downward spiral. Modi should use his oratorical skills and his current popularity to take the country in the right direction.
While decision to stay out of RCEP at of now is indeed logical, the real issue which Modi needs to address is- when will Indian manufacturing finally become world competitive? We have blocked easier and higher level of imports now but when are we going to be able to export on a competitive terms with China? Gandhi may not have given any talisman on this issue but surely we need decisive action from Modi on reduction of direct and indirect taxes, improving infrastructure, ease of business and minimum corruption, labor reforms etc. Unless we create adequate conditions by policy actions now, we will slowly get totally marginalized in the trade sector. The earlier we hear from Modi on this now, the better it is for the economy.
I do not use an armchair, lower back requires me to use a good, upright chair. However, the best commentary necessarily is of the armchair variety. One does not need to be a hen to know when an egg is not smelling fresh and fragrant.
The column states the obvious : we are medically unfit to enter the boxing ring. To fight not just China, but even tiny countries like Laos and Cambodia. So the question arises : how do we become strong, do not have a trade deficit of $ 100 billion with these countries even before signing the agreement. Compare the sense of optimism in the mid 1990s, after reforms had begun, to the deep funk now. 2. RCEP is essentially about participating in rules based globalisation, although some geopolitics may also be at work. By staying out, India is ceding space to China even in diplomatic terms. Our loss of influence in this economically dynamic region will be profound. Foreign governments, starting with the smallest, will see us as Talk, not Walk.
The 10 ASEAN nations will now be bound to China economically. This will also inform their strategic pisture. India stands to lose relevance in Asia.
Factor market reforms in the last 5 years would have made our industry more competitive and confident.
The real solution is to have policies to make India more competitive. A closed economy regardless of any pretext is the wrong prescription. Modi needs to reform the economy with land and labor reform and building adequate infrastructure. The slowing of the economy and a downgrade by Moody’s is a compelling indication of a downward spiral. Modi should use his oratorical skills and his current popularity to take the country in the right direction.
While decision to stay out of RCEP at of now is indeed logical, the real issue which Modi needs to address is- when will Indian manufacturing finally become world competitive? We have blocked easier and higher level of imports now but when are we going to be able to export on a competitive terms with China? Gandhi may not have given any talisman on this issue but surely we need decisive action from Modi on reduction of direct and indirect taxes, improving infrastructure, ease of business and minimum corruption, labor reforms etc. Unless we create adequate conditions by policy actions now, we will slowly get totally marginalized in the trade sector. The earlier we hear from Modi on this now, the better it is for the economy.
I do not use an armchair, lower back requires me to use a good, upright chair. However, the best commentary necessarily is of the armchair variety. One does not need to be a hen to know when an egg is not smelling fresh and fragrant.
The column states the obvious : we are medically unfit to enter the boxing ring. To fight not just China, but even tiny countries like Laos and Cambodia. So the question arises : how do we become strong, do not have a trade deficit of $ 100 billion with these countries even before signing the agreement. Compare the sense of optimism in the mid 1990s, after reforms had begun, to the deep funk now. 2. RCEP is essentially about participating in rules based globalisation, although some geopolitics may also be at work. By staying out, India is ceding space to China even in diplomatic terms. Our loss of influence in this economically dynamic region will be profound. Foreign governments, starting with the smallest, will see us as Talk, not Walk.