India's RCEP retreat

11 NOV,2019 | MEDC


 

The government has done wisely by deciding not to join the Regional Comprehensive Economic Partnership (RCEP) at the current juncture. Of course, at some point in the near future we will need to integrate ourselves better into such groupings. The biggest challenge we face is internal and it has to do with the economy. We need to build the scale and comparative advantages to compete successfully in global markets. Given the many vested domestic interests, that is going to be an uphill task. The silver lining is that most of our institutional structures are in place, but their regulatory issues may need a thorough review. India continues to be mainly an import driven economy and until we become sufficiently competitive in exports, it would be wiser to stay out of alliances like RCEP. In this context, Make in India needs to get all possible support from the government. There is no time now for any complacency.

 

*Photo Credit: Google

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