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Relationship between India and China
India and China have established considerable economic dependence on one another; however, this dependence is unequal with a extremely large trade deficit in India’s favor. Below is the analysis of the same. Important Contributing Factors to the Imbalance in Trade: Asymmetric Trade: India is exportiRead more
India and China have established considerable economic dependence on one another; however, this dependence is unequal with a extremely large trade deficit in India’s favor. Below is the analysis of the same.
Important Contributing Factors to the Imbalance in Trade:
Asymmetric Trade: India is exporting only raw material, and agricultural products to China and importing a wide range of hs code products from China. This acts to provide a massive boost towards the realization of the deficits because the flow of trade is not evenly balanced.
-Strong Chinese Manufacturing Sector: India finds China’s manufacturing base strengthened by its government and large enough to offer inexpensive production of the goods hence attractive to India consumers.
-Limited Access for Indian Exports: There are other forms of hurdles, which includeNon-tariff barriers;Tough quality requirements;Restricted entry for some sectors of India into China.
-Dependence on Import from China: An increasing number of Industries from India rely on the import of all intermediate products and parts from China, which in turn means that India relies on its northern neighbour.
Measures to Reduce the Trade Deficit:
Trade Promotion
Promotion of Exports
Diversification: Promote diversification of export products towards higher value added products including pharmaceutical, IT services and Engineering goods to china.
\end{enumerate}-Market Access: Notably establish a better access to the Indian products in the market in China under bilateral understanding as well as Notes and dismantling of the non-tariff barriers.
-Quality Upgrade: Indian product would gain increased quality and effectiveness vis à vis the Chinese standards and consumer demand.
Increased Domestic Manufacturing:
“Make in India”: Reduce imports from China by additional home production with the help of measures like “Make in India”.
-Support Domestic Industries: Encourage and support the domestic industries needed to become competitive so as to cut their reliance on Chinese products.
Trade Policy Initiatives:
-Anti-dumping Duties: Impose anti-dumping duties on Chinese imports that are priced lower than the fair price to safeguard the domestic industries.
-Tariff and Non-Tariff Barriers: Apply calibrated trade restrictions that may help balance the trade interests with the protection of domestic industries.
-Regional Trade Agreements: Seek ways to enhance regional trade integration through agreements like the Regional Comprehensive Economic Partnership (RCEP) to enhance market access for Indian goods in other Asian markets.
It is worth noting that:
The reduction of the trade deficit with China would require a multi-pronged approach and would take time to bear fruit.
-It is very essential to maintain a balanced approach that encourages economic cooperation while simultaneously redressing the issues of trade imbalances and national security.
The current geopolitical tensions between India and China add another dimension to the economic relationship.
By combining these measures, India can work towards reducing its trade deficit with China, increasing its economic competitiveness, and creating a more balanced and mutually beneficial trade relationship.
See lessWhat are the changes in India's foreign policy since 1947?
India after its independence in 1947 had a broad foreign policy orientation till the end of 1980's by being 'Non Aligned' which meant not to be either aligned or against any superpower and maintaining strategic confrontation with both the U.S.A. and the U.S.S.R. although being ambivalent towards theRead more
India after its independence in 1947 had a broad foreign policy orientation till the end of 1980’s by being ‘Non Aligned’ which meant not to be either aligned or against any superpower and maintaining strategic confrontation with both the U.S.A. and the U.S.S.R. although being ambivalent towards the global ideology till cold war. Further India strongly walked on the principles of anti- imperialism, anti- racism, anti- colonialism and focused on peaceful coexistence (panchsheel) and global stability.
With the rise of globalisation in the 1980’s during Rajiv Gandhi’s era, India walked into the path of pro liberalisation and capitalism by adopting an open market economy and strengthening ties with the western powers. With the launch of “Look East” policy, India turned into a big-power in the South Asian region, forming regional organisation (allies). With this India adopted the policy of “Multi Alignment” or “Strategic Autonomy” which is an extension of “Non Alignment”, this continues till present. India thus finds itself to be “viswa guru” by maintaining friendly ties with all the countries.
See lessAs India's role in the global order increases, critically examine the challenges and opportunities it faces in balancing its strategic autonomy with global cooperation.
As India's role in the global order grows, it faces several challenges and opportunities in balancing its strategic autonomy with global cooperation. Challenges: 1. Climate Change: India needs to balance economic growth with reducing carbon emissions. This is hard because India relies on coal for enRead more
As India’s role in the global order grows, it faces several challenges and opportunities in balancing its strategic autonomy with global cooperation.
Challenges:
1. Climate Change: India needs to balance economic growth with reducing carbon emissions. This is hard because India relies on coal for energy, which conflicts with global climate goals.
2. Trade Policies: Protecting local industries while participating in global trade is tricky. India’s trade policies sometimes clash with international free trade standards.
3. Terrorism: India must work with other countries to combat terrorism. Sharing intelligence and resources is essential, but India also needs to maintain its security independence.
Opportunities:
1. Global Leadership: India can lead on issues like climate change and sustainable development, influencing global policies while protecting its interests.
2. Economic Growth: Engaging in global trade and investment can boost India’s economy, creating jobs and driving innovation.
3. Diplomatic Influence: By strengthening ties with various countries, India can enhance its diplomatic influence and navigate complex international relations.
In summary, India must balance its desire for strategic autonomy with the need for global cooperation by leveraging its growing influence, participating actively in international forums, and implementing smart domestic policies.
See lessHow can international diplomacy be strengthened to address and resolve geopolitical conflicts peacefully?
To make peace in global conflicts, the world needs better international diplomacy. This means talking more and finding ways to understand each other. One way to do this is by having neutral countries help conflicting parties talk things out. International groups like the United Nations (UN) can alsoRead more
To make peace in global conflicts, the world needs better international diplomacy. This means talking more and finding ways to understand each other. One way to do this is by having neutral countries help conflicting parties talk things out. International groups like the United Nations (UN) can also greatly help. They can organize peace talks, send peacekeepers to stop any fighting, and help everyone follow global rules.
Soft power, like sharing culture or offering economic benefits, can also convince countries to solve problems peacefully. If countries see they can gain from peace, they might be more willing to talk. Understanding each other’s cultures can make countries more sympathetic towards each other.
But it’s not just about stopping fights; it’s also about fixing what caused them, like bad economies, unfair politics, or social issues. International diplomacy should help countries make these significant changes for lasting peace.
In short, by talking more, using international help, and fixing deep problems, diplomacy can be stronger and make the world more peaceful.
See lessIndian Economy
India's Foreign Trade Policy (FTP) aims to enhance exports and manage trade deficits through several strategic measures. Recent steps include: Export Promotion Schemes: Merchandise Exports from India Scheme (MEIS): Provides duty credit scrips to exporters, offsetting infrastructural inefficiencies aRead more
India’s Foreign Trade Policy (FTP) aims to enhance exports and manage trade deficits through several strategic measures. Recent steps include:
These steps reflect India’s forward vision to improve exports, boost economic growth, and better manage trade deficits.
See lessGlobal Organisation
Strengthens partnerships amidst global security concerns and focus on counter terrorism, cybersecurity. Highlights India's importance in the Indo-pacific region amidst.
Strengthens partnerships amidst global security concerns and focus on counter terrorism, cybersecurity. Highlights India’s importance in the Indo-pacific region amidst.
See lessInternational Relations
India and Russia have a long history of diplomatic relations, dating back to the early 20th century. After India's independence in 1947, the relationship between the two nations has evolved significantly. Here's an overview of the key milestones and current situation: Early Years (1947-1960s): SovieRead more
India and Russia have a long history of diplomatic relations, dating back to the early 20th century. After India’s independence in 1947, the relationship between the two nations has evolved significantly. Here’s an overview of the key milestones and current situation:
Early Years (1947-1960s):
Cold War Era (1970s-1980s):
Post-Cold War Era (1990s-2000s):
- India’s economic reforms and growth led to increased trade and investment ties with Russia.
- The two countries signed several agreements on cooperation in areas like energy, space, and science.
- Russia supported India’s bid for a permanent seat on the United Nations Security Council.
See lessIndia and Italy share strong bilateral relations, marked by deep historical friendships and vibrant people-to-people connections. What is the Migration and Mobility Partnership Agreement (MMPA) between these two nations?
The Migration and Mobility Partnership Agreement (MMPA) is a bilateral agreement signed between India and Italy in 2020, which aims to enhance cooperation on migration and mobility between the two countries. The key aspects of the MMPA include: Legal Migration: The agreement facilitates the movementRead more
The Migration and Mobility Partnership Agreement (MMPA) is a bilateral agreement signed between India and Italy in 2020, which aims to enhance cooperation on migration and mobility between the two countries.
The key aspects of the MMPA include:
Legal Migration:
Irregular Migration:
Labor Mobility:
Diaspora Engagement:
Information Sharing and Capacity Building:
The MMPA is a significant step in strengthening the comprehensive strategic partnership between India and Italy. It reflects the shared commitment of both countries to address the challenges and opportunities presented by international migration in a collaborative and mutually beneficial manner.
See less