The recent tariff war among major powers is an oppurtunity in disguise for India. Analyse(150 Words)
Refer-The Hindu
Enrich the answer from other sources, if the question demands.
IAS Parliament 6 years
KEY POINTS
Opportunity for India
· India’s efforts to export sugar to China, which began in earnest, also paid dividends. Indian Sugar Mills Association had signed its first sugar export contract of 50,000 tonnes with China.
· China has also opened up imports of non-Basmati rice from India on the sidelines of the Qingdao summit of the Shanghai Cooperation Organisation (SCO).
· More FDI and boosting the confidence of investors who are eager to shift or expand their manufacturing facilities to India, additional investments and modern technology from foreign countries will help create jobs for its enormous workforce. Xiaomi, Chinese company recently established factory in India, Andhra Pradesh's Sri City.
· The items where India can make inroads into the American market with greater vigour include shrimps and prawns, yarn, fabrics, man-made filament, copper and products made of such base metals, steel and iron products, sugar confectioneries.
· A chance for India to cut short the trade imbalance with USA and China.
India’s Way forward
· More loans to entrepreneurs under External Commercial Borrowings.
· Diplomatic engagement and frequent meeting to open gates for the services sector in the USA and China (Information and technology, nursing etc) where India has a significant global footprint.
· China would be looking for long-term software partners to replace the US hegemony, India’s software industry is capable of graduating to a higher level. It can take up leadership roles in joint projects that it can never do with the US or European companies.
· India must start exploring with Chinese partners the high tech development end in the telecom industry.
