Joining RCEP no longer a choice! - Only choice is to make India Inc more competitive

Even China achieved remarkable and sustained high growth rate only on the strength of its exports-push trade policy rather than only large-size domestic market! Since the exports-push aggression was missing, its converse seems to have taken a serious toll on the preparedness of the India Inc. India...

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Bibliographic Details
Published inTax India Online
Main Authors Kumar, Shailendra, Founder Editor
Format Trade Publication Article
LanguageEnglish
Published Mumbai Athena Information Solutions Pvt. Ltd 31.10.2019
Subjects
Competition
Domestic markets
Economic growth
Exports
GDP
Global economy
Gross Domestic Product
Manufacturing
Regional Comprehensive Economic Partnership
Tariffs
Trade agreements
Trade deficit
Trade policy
China
India
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Summary:Even China achieved remarkable and sustained high growth rate only on the strength of its exports-push trade policy rather than only large-size domestic market! Since the exports-push aggression was missing, its converse seems to have taken a serious toll on the preparedness of the India Inc. India went on protecting the domestic industry without doing enough to improve the competitiveness of the manufacturing and agriculture sectors. [...]having such an access in its vicinity is always better than any geographical pocket in the world - it would better prepare the Indian manufacturers for global competition as India can have an extra cost advantage. Since the governments in the past have not worked on quantum jump in improving competitiveness of the Indian industry, rising trade competition alone can do it better. India should also bargain for strong 'Rules of Origin' and 'value addition' norms if differential tariff regime is agreed upon with China.