oppn parties PM at Davos: Much to Do Before Red Carpet

News Snippets

  • Supreme Court sentences Congress leader Navjot Singh Sidhu to one year rigorous imprisonment in the 1988 road rage case
  • Home Minister Amit Shah says rights should not be demanded before fulfilling responsibilities and that universities are no place to wage ideological battles
  • NIA court convicts JKLF chief Yasin Malik in terror funding case after he pleads guilty of all charges
  • A study backed by PM-EAC has recommended universal basic income and urban job guarantee and greater spend on social sector schemes
  • Supreme Court rules that the decisions of the GST Council are not binding on the Centre and the states, leaving the door open for states to levy further taxes
  • After sustained campaign by BJP MP Arjun Singh, the Centre today withdrew the jute price cap order, industry welcomes move
  • Akasa Air might postpone its July launch due to late arrival of aircrafts
  • Metro Cash & Carry decides to sell Indian operations. All major players, including Reliance retail and Amazon, are likely to bid
  • Local and global cues spook the markets on Friday - Sensex crashes 1416 points to 52792 and Nifty by 430 points to 15809
  • IPL: RCB crushes GT by 8 wickets as Virat Kohli returns to form with a well-made half century
  • Nikhat Zareen is world champion in flyweight category. Wins gold at Women's World Championships at Instanbul
  • Supreme Court uses its special powers under Article 124 to release A G Perarivalan, a Rajiv Gandhi assassination convict
  • Indrani Mukherjea, prime accused in the Sheena Bora murder case, gets bail from Supreme Court after 6.5 years in jail
  • Hardik Patel quits Congress, says top leaders distracted by mobile phones and state leadership busy arranging 'chicken sandwiches' for them
  • Anil Baijal resigns as Lieutenant Governor of Delhi citing "personal reasons"
Nikhat Zareen is crowned world champion in the flyweight (52Kg) category at the Women's World Championships in Istanbul /////// Supreme Court sentences Navjot Singh Sidhu to rigorous imprisonment of one year in the road rage case /////// Sunil Jakhar, who quit the Congress a few days ago, joins the BJP
oppn parties
PM at Davos: Much to Do Before Red Carpet

By Ashwini Agarwal
First publised on 2018-01-25 19:20:04

By putting protectionism right up there with climate change and terror as the three biggest challenges before the world, Prime Minister Modi chose to hit the Western world where it hurts the most. For, the erstwhile champions of globalization, US and its satellite countries, are now putting up trade barriers. When it suited them, they cried hoarse about free movement of goods, services and ideas across national boundaries. They used the WTO to exert pressure on emerging economies to open up their markets. But faced with rising unemployment, Donald Trump now talks of “America First”.

It fits in Modi’s grand vision to have a bigger scale of globalization. Given India’s abundant resources and cheap labour (compared to China where rising aspirations have made labour wages uncompetitive), Modi has been pitching for Make in India. He knows that instead of Indians importing foreign goods for local consumption, it is better to have those goods made in India. It will bring in investments that will create lasting assets, it will generate employment opportunities and it will generate revenues in local taxes.

But there are many internal barriers and issues that, if not addressed properly and with great speed, will derail Modi’s grand vision. Despite tinkering with this or that law, India is still way behind in ease of doing business. The red carpet is nowhere to be seen. Instead there is still red tape all over. Then, the atmosphere of intolerance created by the Hindu right wing is something as bad as terrorism. The infrastructure boom announced three years ago has not taken off. It takes more than just cheap labour and a huge consumer base to attract investment. The sooner the prime minister realizes this the better.