Streamlining trade policy

20 JUL,2020 | MEDC


 

The government is pursuing the path of Atmanirbhar Bharat, or self-reliant India, but various official pronouncements about raising India’s profile as an investment destination seem to indicate a renewed thrust on globalization. Such contradictory policy postures should be eliminated if India is to replace China as a global FDI destination. In this age of Covid-19 in which countries globally are vigorously revisiting their trade and industrial strategies, India’s policy clarity on FDI is welcome. However, Atmanirbhar Bharat should not be an excuse for India to distance itself from Free Trade Agreements (FTAs) in order to pursue a wholly indigenous manufacturing tactic. If anything, India needs to enter strategically into even more FTAs for boosting its electronics and other manufacturing exports. Atmanirbhar Bharat is important, but that does not mean Indian trade and industry should be denied the fullest opportunity to benefit from the country’s existing FTAs in their attempts to integrate with global supply chains.

*Photo Credit: Google

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