22 OCT,2019 | MEDC
The tit-for-tat trade war between the US and China has had a significant impact on global financial markets over the past year. Trade tensions have weighed on global growth and business confidence affecting most countries, including India. In the current scenario, many smaller Asian nations are stealing a march over India. To succeed in international trade, a country needs to figure out not only the strengths and weaknesses of its competitors but also the strengths in their weaknesses and the weaknesses in their strengths. This is precisely where India needs to enhance its understanding. India is critical to the success of global development efforts, especially in the vital area of poverty alleviation. Policymaking must accept the fact that India’s stakes are too high for it to not find a way to be in business with the rest of the world, no matter how difficult the odds may be. There is an opportunity in the changing world trade order, but India needs to have its infrastructure and regulatory processes in place to avail of it.
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