{"id":115077,"date":"2021-06-28T10:35:30","date_gmt":"2021-06-28T05:05:30","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=115077"},"modified":"2021-06-28T10:37:33","modified_gmt":"2021-06-28T05:07:33","slug":"new-globalization-would-yield-mixed-results-for-india","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/new-globalization-would-yield-mixed-results-for-india\/","title":{"rendered":"New Globalization would yield mixed results for India"},"content":{"rendered":"\n<p><b><span data-contrast=\"none\">Synopsis<\/span><\/b><span data-contrast=\"none\">:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The old globalization was essentially good for India. The new globalization could be a mix of good and bad news.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h5><b><span data-contrast=\"none\">Background<\/span><\/b><span data-contrast=\"none\">:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"92\" aria-setsize=\"-1\" data-aria-posinset=\"88\" data-aria-level=\"1\"><span data-contrast=\"none\">Some of the traditional forms of globalization (the free movement of goods, money, people,\u00a0etc) are in partial retreat.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"92\" aria-setsize=\"-1\" data-aria-posinset=\"89\" data-aria-level=\"1\"><span data-contrast=\"none\">Globalization is transforming as new agendas come into focus. These\u00a0agendas\u00a0include\u00a0action on controlling climate change, taxing global companies, tackling terrorism, sharing vaccines, and the like.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><b><span data-contrast=\"none\">Trends in Traditional elements of Globalization<\/span><\/b><span data-contrast=\"none\">:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ol>\n<li><b><span data-contrast=\"none\">Global Trade\u00a0is<\/span><\/b><span data-contrast=\"none\">\u00a0growing slower than global GDP. This<\/span><b><span data-contrast=\"none\">\u00a0significantly reversed\u00a0a long-term trend.<\/span><\/b><span data-contrast=\"none\">\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span>\n<ul>\n<li><b><span data-contrast=\"none\">In 2019, global\u00a0<\/span><\/b><span data-contrast=\"none\">trade shrank in absolute terms for the first time in a decade, and did so again in 2020 because of the pandemic.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"none\">Protectionist walls have been going up in several countries, including India.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b><span data-contrast=\"none\">Free Movement of People<\/span><\/b><span data-contrast=\"none\">: Europe and North America account for over half the total of world migrants.\u00a0Now\u00a0their numbers are\u00a0shrinking, though\u00a0by a small margin.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span>\n<ul>\n<li><span data-contrast=\"none\">Brexit and Donald Trump\u2019s policies have signaled the reversal of a 70-year trend of immigration regimes getting progressively more liberal.\u00a0 Some West Asian countries too have begun tightening visa policies.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b><span data-contrast=\"none\">Movement of Capital and Technology<\/span><\/b><span data-contrast=\"none\">: These elements of globalization continue unabated. They are helping in development of Thomas Friedman\u2019s \u201cFlat World\u201d thesis.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span>\n<ul>\n<li><span data-contrast=\"none\">It is world having level playing field in terms of commerce, wherein all competitors have an equal opportunity.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h5><b><span data-contrast=\"none\">Impact of changing traditional trends on India<\/span><\/b><span data-contrast=\"none\">:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"100\" aria-setsize=\"-1\" data-aria-posinset=\"90\" data-aria-level=\"1\"><span data-contrast=\"none\">India would be adversely impacted if global trade and movement of people gets reduced. The country is currently the world\u2019s No. 1 source of migrants and the No. 1 recipient of remittances.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"100\" aria-setsize=\"-1\" data-aria-posinset=\"91\" data-aria-level=\"1\"><span data-contrast=\"none\">The sustenance of capital and technology movement is beneficial for growth of India\u2019s IT sector. It enables an accountant in Bengaluru to work out tax calculations for someone in Boston.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><b><span data-contrast=\"none\">New Globalization<\/span><\/b><span data-contrast=\"none\">:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"101\" aria-setsize=\"-1\" data-aria-posinset=\"92\" data-aria-level=\"1\"><span data-contrast=\"none\">It exists as government agendas on Global issues like terrorism, climate change, global taxation etc.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"101\" aria-setsize=\"-1\" data-aria-posinset=\"93\" data-aria-level=\"1\"><span data-contrast=\"none\">Agenda-setting by governments is not great news for India because it is still essentially a rule-taker and not a rule-setter.\u00a0 Any benefit or cost to it therefore tends to be\u00a0<\/span><b><span data-contrast=\"none\">coincidental.<\/span><\/b><span data-contrast=\"none\">\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"&quot;Courier New&quot;\" data-listid=\"102\" aria-setsize=\"-1\" data-aria-posinset=\"17\" data-aria-level=\"1\"><span data-contrast=\"none\">For instance, the proposed\u00a0<\/span><b><span data-contrast=\"none\">new international corporate taxation regime<\/span><\/b><span data-contrast=\"none\">\u00a0will benefit India but its primary beneficiaries of the new regime would be the wealthy countries.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"o\" data-font=\"&quot;Courier New&quot;\" data-listid=\"102\" aria-setsize=\"-1\" data-aria-posinset=\"18\" data-aria-level=\"1\"><span data-contrast=\"none\">Similarly, in terms of\u00a0<\/span><b><span data-contrast=\"none\">climate\u00a0change, India<\/span><\/b><span data-contrast=\"none\">\u00a0will get no assistance (financial or technical) to switch to new technologies and give up old ones like coal-based energy.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u00a7\" data-font=\"Wingdings\" data-listid=\"103\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">At the same time, the countries responsible for much of the historical emission of carbon gases get a free pass under the Paris agreement.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"&quot;Courier New&quot;\" data-listid=\"104\" aria-setsize=\"-1\" data-aria-posinset=\"19\" data-aria-level=\"1\"><span data-contrast=\"none\">Even on the\u00a0<\/span><b><span data-contrast=\"none\">international supply of vaccines,<\/span><\/b><span data-contrast=\"none\">\u00a0the numbers agreed on at the recent meeting of the rich club of G7 countries are unremarkable. Further India\u2019s push for a patent waiver on Covid vaccines awaits attention.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"o\" data-font=\"&quot;Courier New&quot;\" data-listid=\"104\" aria-setsize=\"-1\" data-aria-posinset=\"20\" data-aria-level=\"1\"><span data-contrast=\"none\">In the domain of\u00a0<\/span><b><span data-contrast=\"none\">social media<\/span><\/b><span data-contrast=\"none\">, the giant tech companies that dominate the field have increasingly come up against sovereign state power, including in India.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><span data-contrast=\"none\">\u00a0<\/span><b><span data-contrast=\"none\">Way Ahead<\/span><\/b><span data-contrast=\"none\">:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"105\" aria-setsize=\"-1\" data-aria-posinset=\"94\" data-aria-level=\"1\"><span data-contrast=\"none\">Many countries want to reduce their dependence on China, which is the world\u2019s largest manufacturing and trading power. India could ride the tide, but other countries have already grabbed the first mover advantage.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"105\" aria-setsize=\"-1\" data-aria-posinset=\"95\" data-aria-level=\"1\"><span data-contrast=\"none\">The other traditional elements of globalization should continue for augmenting India\u2019s interest.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u00b7\" data-font=\"Symbol\" data-listid=\"105\" aria-setsize=\"-1\" data-aria-posinset=\"96\" data-aria-level=\"1\"><span data-contrast=\"none\">Further, the new elements of Globalization warrants setting up of global norms in consonance with the purpose and principles of UN charter.<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"none\">Source<\/span><\/b><span data-contrast=\"none\">:\u00a0 <\/span><a href=\"https:\/\/www.business-standard.com\/article\/opinion\/globalisation-old-and-new-what-changing-world-order-means-for-india-121062501074_1.html\"><span data-contrast=\"none\">Business Standard<\/span><\/a><span data-contrast=\"none\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Synopsis:\u00a0\u00a0 The old globalization was essentially good for India. The new globalization could be a mix of good and bad news.\u00a0\u00a0 Background:\u00a0\u00a0 Some of the traditional forms of globalization (the free movement of goods, money, people,\u00a0etc) are in partial retreat.\u00a0\u00a0 Globalization is transforming as new agendas come into focus. These\u00a0agendas\u00a0include\u00a0action on controlling climate change, taxing&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/new-globalization-would-yield-mixed-results-for-india\/\">Continue reading <span class=\"screen-reader-text\">New Globalization would yield mixed results for India<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,8043,9],"tags":[],"class_list":["post-115077","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-current-affairs-cat","category-public","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/115077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=115077"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/115077\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=115077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=115077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=115077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}