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

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  • T20 WC: USA enter Super Eights as their last match against Ireland gets washed out. They were ahead of Pakistan in the points tally. Pakistan were eliminated
  • T20 WC: USA enter Super Eights as their last match against Ireland gets washed out. They were ahead of Pakistan in the points tally. Pakistan were eliminated
  • BJD leader and former Odisha CM Naveen Patnaik said that the criticism of his aide V K Pandian is "regrettable"
  • As more than 20 BJP ministers lost in the recent elections, the new Union cabinet will have many new faces from the party
  • Congress Working committee asks Rahul Gandhi to take up the position of Leader of Opposition in Lok Sabha. Gandhi says he will consider the request
  • RBI governor Shaktikanta Das said that gold was shifted to India as the quantum of RBI gold abroad had increased due to recent purchases
  • Delhi HC rules that submitting photographic evidence of adultery will not be enough, they will have to be proved as authentic in the age of deepfakes
  • A four-member panel will review NEET-UG results of 1563 candidates to check if they were given extra marks for exam time loss
  • Mamata Banerjee says her party will not join Modi's oath-taking ceremony. Also says INDIA bloc might stake claim to form government later
  • K C Tyagi of the JD(U) dropped a bombshell when he said that Nitish Kumar was offered the post of prime minister for switching sides. Opposition leaders rubbished the claim
  • This May was India's hottest month in 36 years says IMD
  • T20 WC: India take on Pakistan today. Telecast to begin at 8pm IST
  • T20 WC: Afghanistan stun New Zealand and Bangladesh win against Sri Lanka
  • T20 World Cup: Australia beat England by 36 runs. This spoils England's chances of making the playoffs as they have lost both their matches till now
  • Heat wave continues in the country as monsoon moves slow
G7 commits to promote India-Europe corridor
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.