Best of BS Opinion: Seeking foreign partners, easing FDI norms and more

The new deal in Indian companies seeking out foreign partners; the silver lining in a possible US recession, and the next step in opening up the economy. Pallav Nayak sums up the views.

The most successful Indian firms are seeking out foreign partners, but this time the deals are qualitatively different. These "big bang" tie-ups are reflective of the coming of age of Indian industry, which for long was buffeted by a closed economy and learned to face global competition only recently, writes Shailesh Dobhal.

A US recession would be bad news for the global economy, but it could help normalise ties between America and China. If the two countries get along, businesses and investors everywhere will breathe a sigh of relief. This may turn out to be a silver lining in the next US recession, writes Shang-Jin Wei.

The RBI has blamed capital outflows and the expansion in currency in circulation for strong action on liquidity. The government, thus, cannot depend upon a permanently higher level of transfers from the RBI and must reduce its dependence thereon, says our first edit.

The government's easing of FDI norms is only the first step. If India intends to be an important part of the global value chain, it has to think beyond the idea of import substitution and ease trade restriction, says our second edit.

 

QUOTE OF THE DAY

 

"We have the message of the Prime Minister that tax authorities should be facilitator than enforcer. Industry should be facilitated. Entrepreneurs should be respected."
— Finance Minister Nirmala Sitharaman