At the BRICS Business Forum on November 14, Prime Minister Narendra Modi said India is the most open and investment-friendly economy in the world. It has political stability and predictable policy. While at the fundamental level, India has several factors in its favour to make it a preferred investment destination, it needs to do more to attract investments and push up economic growth. Some of the recent decisions have raised concerns.
Business Standard Opinion pieces of the day, among other things, highlight the issue of trade and what the pulling out from a regional trade could mean.
Our lead editorial argues that India needs an apex body for trade negotiations. It further notes: The country will need export growth to attain higher sustainable growth and create jobs for its rising workforce.
By staying away from the RCEP, India has lost an opportunity to grow its market by forcing domestic industry to compete with the best. Read here
New Delhi’s fear that lowering of tariffs will result in China dumping goods on India only highlights its failure to tackle India’s economic weakness. Can protectionist India, with a lower GDP per capita than most Asean countries, Japan and South Korea display convincing credentials as a strong Asian power, writes Anita Inder Singh Click here to read
While there may be costs from joining the RCEP and India may not be ready yet, there are also gains to be had, especially in the low-growth and protectionist economic scenario at home and abroad. The government needs to do its homework before deciding which path to take and most importantly, keep people informed, writes Anirudh Shingal, a senior fellow at ICRIER. Click to read