A non-protectionist trade policy is what India needs
2 years, 9 months ago

A non-protectionist trade policy is what India needs

Hindustan Times  

Union finance minister Nirmala Sitharaman was conspicuously silent in her Budget speech about India’s free trade agreement negotiations. This economic philosophy is enunciated in the latest Economic Survey, which says that customs duties on certain imports have been hiked to provide “reasonable tariff support to goods being manufactured in India’’. India’s scorn for imports mirrors the Right-wing narrative against trade seen in the “capitalist” United States, where trade is squarely blamed for de-industrialisation, loss of blue-collar jobs, and for enriching the external “other” i.e. For India to unexpectedly turn “vocal for local”, and make a strong anti-imports pitch a central element of its domestic economic policy, especially when several of its East Asian compatriots are embedding themselves in mega FTAs, slashing tariff and non-tariff barriers, is bewildering. India needs a non-protectionist trade policy, which should include pro-market reforms, not pro-business reforms that are reminiscent of India’s “stigmatised capitalism”.

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History of this topic

Need to blend commercial considerations with economic priorities, strategic needs: Sitharaman
1 week, 5 days ago

Need to blend commercial considerations with economic priorities, strategic needs: Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday stressed that India Inc.’s commercial considerations should blend with the economy, nation’s priorities and strategic needs. Asking the industry to “realign and reset” itself based on the lessons learnt in the last decade, Ms. Sitharaman said the supply chains should be widespread lest geopolitical risks disrupt it. “Economic and commercial considerations today will have …

Trump’s policies may open new doors for India’s defence sector: Report
Trending News
4 weeks ago

Trump’s policies may open new doors for India’s defence sector: Report

Live Mint  

New Delhi, November 25 : The "America First" trade policy promoted by upcoming U.S. President Donald Trump has far-reaching implications for global trade and geopolitics. It said "Indian businesses in sectors such as pharmaceuticals and defense might also find new opportunities, especially if U.S.- India collaboration strengthens. The report said "increased tariffs might prompt retaliatory measures from trade partners, potentially …

India-UK trade talks to focus on key tariff barriers and emerging sectors
1 month ago

India-UK trade talks to focus on key tariff barriers and emerging sectors

Live Mint  

The India-UK free trade agreement talks that are set to resume in early 2025 will focus on a range of critical areas including market access, regulatory frameworks, and tariff barriers. A successful FTA would facilitate increased trade across sectors like technology, agriculture, and manufacturing, while also deepening diplomatic ties, said Abhash Kumar, assistant professor of economics at Delhi University. India …

Sanjaya Baru | India and East Asia: It’s a return to geo-economics
1 month, 1 week ago

Sanjaya Baru | India and East Asia: It’s a return to geo-economics

Deccan Chronicle  

Something interesting is happening on the external economic policy front. Following up the suggestion made in the Union finance ministry’s Economic Survey 2023-24, that India should welcome foreign direct investment from China, the chief executive officer of the Niti Ayog, the Union government’s economic policy think tank, has publicly advocated India joining the Regional Comprehensive Economic Partnership trade bloc. However, …

India's Economic Potential Soars as Global Landscape Shifts
Trending News
2 months ago

India's Economic Potential Soars as Global Landscape Shifts

The Hindu  

India is well positioned to capitalize on new growth opportunities due to its robust macroeconomic fundamentals and strategic shift towards strategic economic partnerships. The country's focus on domestic capacity building and resilience against external shocks will be key to its success. Ms. Sitharaman emphasized India's potential to become a key partner for many countries seeking to diversify their sources of …

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential
2 months, 1 week ago

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential

Live Mint  

World Bank economist Franziska Ohnsorge urges India to reduce tariffs and ease foreign direct investment restrictions to unlock its full potential. She highlights India's small market share but emphasizes that it can still capitalize on opportunities due to its proximity to global supply chains. The World Bank expects South Asia to remain the fastest growing among emerging market and developing …

Watch | Trade diplomacy | What’s the status of India’s Free Trade Agreements?
9 months, 1 week ago

Watch | Trade diplomacy | What’s the status of India’s Free Trade Agreements?

The Hindu  

March 15, 2024 08:53 pm | Updated 09:18 pm IST As India signs a Free Trade Agreement with 4 European Nations, is there hope for other negotiations- from the UK and EU to Oman, Gulf and Eurasian countries? Let’s start with this week’s developments, and a flurry of activities around India’s Free Trade Agreement negotiations just ahead of elections being …

FTA ‘possible’ before India elections, says U.K. Trade Minister Kemi Badenoch
9 months, 2 weeks ago

FTA ‘possible’ before India elections, says U.K. Trade Minister Kemi Badenoch

The Hindu  

A trade deal being negotiated with India is "possible" to be concluded before a general election in the country but Britain does not want to use that as a deadline, U.K. Secretary of State for Business and Trade Kemi Badenoch has said. The Minister in charge of signing off on the free trade agreement, now in its 14th round of …

India expresses serious concerns in WTO meet over unilateral protectionist measures
9 months, 3 weeks ago

India expresses serious concerns in WTO meet over unilateral protectionist measures

The Hindu  

India on February 26 expressed "serious" concerns in a WTO meeting in Abu Dhabi over increase in the use of trade protectionist measures by certain countries in the name of environment protection. Mr. Barhthwal "expressed serious concerns regarding the increasing use of trade protectionist unilateral measures, which are sought to be justified in the guise of environmental protection". India against …

Ideas of India 3.0: India, UK Can Secure A Mutually Beneficial Trade Deal, Says British Politician Suella Braverman
9 months, 4 weeks ago

Ideas of India 3.0: India, UK Can Secure A Mutually Beneficial Trade Deal, Says British Politician Suella Braverman

ABP News  

British politician and member of the Parliament, Suella Braverman, said on Saturday that India and the UK have an opportunity to collaborate and work together on the world stage. That is why the post-Brexit UK heralds a great opportunity for a UK-India trade deal, the works for both our nations to double the trade to potentially 86 billion pounds, doubling …

Terms of Trade | Is ‘Bharat’ the new Davos?
10 months, 2 weeks ago

Terms of Trade | Is ‘Bharat’ the new Davos?

Hindustan Times  

The last budget of the second Narendra Modi government and now a White Paper on the state of the economy strike a very unusual political economy note. India’s trajectory towards a neoliberal economy which is programmatically wedded to the idea of fiscal conservatism and unregulated markets has been completed while negotiating political roadblocks on the way. These three factors, when …

India looks for new textiles markets abroad as demand wanes in U.S., EU, says Union Secretary
11 months, 2 weeks ago

India looks for new textiles markets abroad as demand wanes in U.S., EU, says Union Secretary

The Hindu  

With demand for textiles exports turning sluggish in Europe and the U.S., India is looking for new markets through free trade agreements with countries such as Australia and the United Arab Emirates, Union Textiles Secretary Rachna Shah said here on Tuesday. Addressing a press conference, she said the Centre is taking steps to address the issues of lack of demand …

India's trade trajectory: FTAs and beyond
1 year, 1 month ago

India's trade trajectory: FTAs and beyond

Live Mint  

India has been refining its global trade strategy, emphasizing a fresh outlook on Free Trade Agreements. India's readiness to face these emerging challenges will determine how well it can fulfil its ambitions of becoming an export-oriented manufacturing hub Not so long ago, India embarked on a journey to strengthen its trade relations with several nations, forging FTAs that promised mutual …

To reach its economic potential, India must abandon protectionism
1 year, 4 months ago

To reach its economic potential, India must abandon protectionism

Hindustan Times  

It is not hard to see what enthuses the many evangelists for India’s economy. India’s government is convinced that reducing imports is necessary for its security and creating manufacturing jobs, and especially hopes to reduce imports from China. In 2022 value added in manufacturing accounted for 13.3% of India’s GDP, down from 15.6% in 2015 and the lowest since 1967; …

Our PLI schemes are in need of a coherent trade policy
1 year, 6 months ago

Our PLI schemes are in need of a coherent trade policy

Live Mint  

The recent spat between former Reserve Bank of India governor Raghuram Rajan and electronics and information technology minister Ashwini Vaishnaw over the former’s criticism of the production-linked incentive scheme for semiconductors and other manufacturing sectors is part of an ongoing debate on India’s manufacturing policies. Indeed, India’s attempts at kick-starting large-scale ICT manufacturing ignores the uncomfortable realities of GVCs, which …

Current Regime Wants to Facilitate FTA, Says UK India Business Council Chief - News18
1 year, 8 months ago

Current Regime Wants to Facilitate FTA, Says UK India Business Council Chief - News18

News 18  

As India and the UK are scheduled to hold the next round of trade talks on April 24, some top business leaders in both the countries are of the opinion that the political turmoil in the western nation has affected the agreement to a certain extent, but now with Rishi Sunak having taken over as the Prime Minister, things are …

India’s new trade policy aims at $2tn exports by 2030
1 year, 8 months ago

India’s new trade policy aims at $2tn exports by 2030

Hindustan Times  

India on Friday announced a Foreign Trade Policy targeting $2 trillion in exports by 2030, split equally between goods and services that does not have a so-called sunset clause, and which encourages trade settlements in rupees. Expressing confidence in Indian industry after launching the FTP 2023, Union commerce minister Piyush Goyal said any ambitious target could be achieved provided “we …

Free Trade Agreement with India offers hope to UK as economy shrinks and inflation rises
2 years, 1 month ago

Free Trade Agreement with India offers hope to UK as economy shrinks and inflation rises

Firstpost  

Economic experts agree on the massive scale of the challenge, even as they hold out the prospect of a free trade agreement with India as a potential generator of much-needed economic growth London: It has been anything but a smooth ride for the Rishi Sunak-led UK government, with the latest official data released this week reflecting a shrinking economy and …

World economies keen on signing Free Trade Agreements with India, says Union Commerce Minister Piyush Goyal
2 years, 1 month ago

World economies keen on signing Free Trade Agreements with India, says Union Commerce Minister Piyush Goyal

The Hindu  

Union Minister of Commerce and Industry Piyush Goyal on Friday asserted that many economies want to sign Free Trade Agreements with India to expand their trade relations and friendship to benefit from India’s larger market potential. “The economies in the world are looking for trade relations and FTAs with India to do more business as they believe that India’s potential …

How India’s Defence Indigenisation Can Be the Backbone for Strong, Assertive Foreign Policy
2 years, 3 months ago

How India’s Defence Indigenisation Can Be the Backbone for Strong, Assertive Foreign Policy

News 18  

On September 2, 2022, the Indian Navy, in the presence of Prime Minister Narendra Modi, commissioned INS Vikrant, the first indigenous aircraft carrier built at the cost of Rs 23,000 crore. The Modi government implemented it and increased drastically after the Defence Acquisition Procedure 2020, following the unprecedented situations like the Covid-19 pandemic and the Galwan clashes, which resulted in …

Globalisation is dying; India needs sound industrial policy
2 years, 4 months ago

Globalisation is dying; India needs sound industrial policy

Live Mint  

The fairy tale of free market globalization, in which money, goods, and knowledge flow freely around the world unimpeded by national boundaries, which was spun into economics science in the past 40 years, has been exposed for what it was. Writers of the fairy tale of ‘free trade’ are mostly naïve economists who believe politics and power struggles—global as well …

Is protectionism compatible with liberalisation?
2 years, 5 months ago

Is protectionism compatible with liberalisation?

The Hindu  

At a time when the Central government says it is liberalising India’s economy, its economic policymaking on the external front has been marked by rising protectionism. This raises questions on whether the government’s external protectionism is compatible with its promise of liberalising India’s economy. Biswajit Dhar: The kind of protectionism we are seeing in the name of Atmanirbhar Bharat is …

Trade pacts, Aatmanirbhar Bharat vision: PM Modi shares report card of 8 years
2 years, 6 months ago

Trade pacts, Aatmanirbhar Bharat vision: PM Modi shares report card of 8 years

Live Mint  

Sharing details of various initiatives, Prime Minister Narendra Modi on Saturday asserted that his government has made a series of pro-people decisions to help the poor, youth, farmers, women and the marginalised. He also shared articles from his website that had details of the government's reforms in the defence sector with a focus on indigenisation, making of defence corridors and …

Ink India-Britain free trade, unlock new opportunity
2 years, 10 months ago

Ink India-Britain free trade, unlock new opportunity

The Hindu  

In May last year, Prime Ministers Narendra Modi and Boris Johnson announced their shared vision for a transformative decade for the India-United Kingdom partnership. Both governments have already taken action; for example, unlocking the export of British apples to India and enabling a greater number of Indian fisheries to export shrimp to the U.K. Small but meaningful steps by which …

Unpacking the resiliency of global trade, yet again
3 years, 4 months ago

Unpacking the resiliency of global trade, yet again

The Hindu  

In the last year, the devastating impact of COVID-19 pandemic has shrunk the world economy by 4.4% and global trade by 5.3%; job losses have been estimated to be to the tune of 75 million. The Second World War created sustaining multilateral institutions; besides the United Nations, the Bretton Woods Institutions such as World Bank and International Monetary Fund and …

Businesses eyeing fresh trade agreement between India and UK, says UKIBC
3 years, 7 months ago

Businesses eyeing fresh trade agreement between India and UK, says UKIBC

Business Standard  

Businesses eyeing fresh trade agreement between India and UK, says UKIBC The UKIBC said it expected to see a step-change in the volume and nature of the trade and investment relationship between the two countries Premium The statement comes a day ahead of a virtual meeting between Prime Minister Narendra Modi and his UK counterpart Boris Johnson Shreya Nandi New …

India must remain a part of global economy, open: Amitabh Kant
3 years, 11 months ago

India must remain a part of global economy, open: Amitabh Kant

The Hindu  

India must remain an integral part of the global economy if it has to grow at 9-10% over the next three decades, NITI Aayog CEO Amitabh Kant said. “If India has to grow at 9-10% over a three-decade period, it must be open, it must be an integral part of the global economy. Mr. Kant further pointed out the government’s …

India’s mask of economic liberalism is off
4 years, 1 month ago

India’s mask of economic liberalism is off

The Hindu  

India’s External Affairs Minister S. Jaishankar recently disapproved of free trade and globalisation. Third, in blaming FTAs for the woes of India’s manufacturing, the External Affairs Minister is contradicting his own government’s economic survey presented earlier this year, which concluded that India has benefitted overall from FTAs signed so far. Fourth, the External Affairs Minister, following the finest traditions of …

Protection from imports time bound, says NITI Aayog Vice-Chairman
4 years, 1 month ago

Protection from imports time bound, says NITI Aayog Vice-Chairman

The Hindu  

Any tariff protection to promote local manufacturing in India will come with an in-built sunset clause, NITI Aayog Vice-Chairman Rajiv Kumar said on Friday, asserting that the country’s self-reliance mission must not be equated to it becoming a ‘protectionist’, closed economy. The government is set to extend the production-linked incentive scheme for manufacturing pharmaceuticals, medical devices and electronics announced under …

Niti Aayog V-C Rajiv Kumar Hits Backs at Subramanian for Criticising 'Aatmanirbhar Bharat' Campaign
4 years, 2 months ago

Niti Aayog V-C Rajiv Kumar Hits Backs at Subramanian for Criticising 'Aatmanirbhar Bharat' Campaign

News 18  

Niti Aayog Vice Chairman Rajiv Kumar on Wednesday hit back at former chief economic adviser Arvind Subramanian for criticising the government’s ‘Aatmanirbhar Bharat’ initiative, saying it effectively started during Subramanian’s tenure as CEA. Subramanian, in a research paper co-authored with Pennsylvania State University professor Shoumitro Chatterjee, has said India should resist the misleading allure of domestic market and zealously boost …

Mixed messaging: The Hindu Editorial on India as an investment destination
4 years, 3 months ago

Mixed messaging: The Hindu Editorial on India as an investment destination

The Hindu  

Prime Minister Modi last week elaborately pitched India as an investment destination that could serve as a manufacturing hub at the heart of global supply chains. This tack is consistent with recent initiatives to explore supply-chain synergies with other economies, including Japan, as an escalating border feud casts a shadow over India’s economic and trade ties with its northern neighbour. …

Opinion | The great scramble of millions to board India’s economic bus
4 years, 5 months ago

Opinion | The great scramble of millions to board India’s economic bus

Live Mint  

The covid-19 pandemic has highlighted the structural weaknesses of India’s economic model. India’s policymakers must devote much more attention to the building of India’s internal capabilities if Indians are to benefit from participation in global trade. Several economists—Dani Rodrik, Ricardo Hausmann, Ha Joon-Chang, and others—who have been advocating the need for sound industrial policies, to create more competitive enterprises and …

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