Why Fear Competition?
The real issue is why the Indian economy's ability to compete and generate profits in the face of foreign business remains so weak. If a solid answer to this question isn't found, India's economic decline will only worsen.
Why is India's competitive capacity so weak that it consistently loses in trade battles? If the country were in the right state of mind, this question should keep it awake at night. In 2019, fearing losses from multilateral free trade agreements, the Narendra Modi government withdrew from the Regional Comprehensive Economic Partnership (RCEP) at the last moment. It was argued that this move was necessary to protect the country from the dumping of Chinese products through other member nations. Following that, the Modi government pursued bilateral free trade agreements, making deals with countries like the UAE, Australia, and the European Free Trade Association. Discussions were also underway for bilateral agreements with several other countries, including the UK. However, the government has now suddenly decided to put all such negotiations on hold.
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