Source- The post is based on the article \u201cIndia\u2019s trade stance remains a little too protectionism happy\u201d published in the \u201cmint\u201d on 7th April 2023.<\/p>\n
Syllabus: <\/strong>GS3- Indian economy<\/p>\n Relevance<\/strong>– Issues related to trade policy<\/p>\n News<\/strong>– Recently, the government unveiled a new Foreign Trade Policy<\/p>\n The policy is a recitation of the laws and processes<\/strong> that regulate Indian trade. It makes no real effort to engage with the policy issues at stake.<\/p>\n No attempt has been made to explain how New Delhi views global economic systems <\/strong>and India\u2019s place in them.<\/p>\n Multinational companies are reorienting supply chains <\/strong>to reduce their dependence on China. India is a more reliable commercial partner for the West. Trade policy does not contain the strategy for relocating supply chains<\/strong> to India .<\/p>\n It is not looking for ways to build trust <\/strong>with trading partners such as Japan.\u00a0 how to share the burdens of global sourcing and supply<\/strong> to promote a shared economic security.<\/strong><\/p>\n India\u2019s approach to trade remains incoherent and contradictory<\/strong>. Indian policymakers no longer seem to believe India can become a great trading nation. <\/strong><\/p>\n Policymakers at the highest level are keen to debate geopolitical shifts.<\/strong> But in case of trade, decision-making is left to middle-level bureaucrats or to chambers of commerce<\/strong>. This is odd because geopolitics and trade policy have become intimately connected<\/strong> today.<\/p>\n India is offering halfhearted incentives<\/strong> for manufacturers to shift their operations to India. It is offering $10 billion for semiconductor subsidies while the US plans $40 billion.<\/p>\n There is a lack of political will<\/strong>. They cannot promise that India will become part of the redirected, resilient supply chains<\/strong> that investors in Japan and the West want to build.<\/p>\n","protected":false},"excerpt":{"rendered":" Source- The post is based on the article \u201cIndia\u2019s trade stance remains a little too protectionism happy\u201d published in the \u201cmint\u201d on 7th April 2023. Syllabus: GS3- Indian economy Relevance– Issues related to trade policy News– Recently, the government unveiled a new Foreign Trade Policy What are issues with the recently released new trade policy?… Continue reading India\u2019s trade stance remains a little too protectionism happy<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[11348,216,10501,11125],"class_list":["post-236718","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-foreign-trade-policy-2023","tag-gs-paper-3","tag-live-mint","tag-mint","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/236718","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\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=236718"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/236718\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=236718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=236718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=236718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What are issues with the recently released new trade policy?<\/strong><\/h2>\n
What are the reasons behind lack of focus on trade related issues among policymakers?<\/strong><\/h2>\n
What are other issues with the foreign trade strategy of India?<\/strong><\/h2>\n