Why India needs the RCEP

19 FEB,2020 | MEDC


 

The latest Economic Survey has recommended that India follow a China-like labour-intensive export trajectory to create employment opportunities for its youth. It calls for a focus on networked products, which are produced across value chains, enabling assembling products on a gigantic scale. The key is our participation in global value chains, and that won’t be possible without our involvement in some large regional trading arrangement. The RCEP is currently the best example of that in Asia. We need to have faith in the competitiveness of our industry, rather than keep reverting to a protectionist regime. Obviously, measures have to be taken gradually. Assemble in India is the first step to Make in India. It is incongruous to talk about making India a global assembly hub and then adopt postures that tend to promote another image of the nation’s economic philosophy to the outside world.

*Photo Credit: Google

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