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3) Rules based trading order is the best bet for India going forward, both domestically as well as from a foreign policy perspective. Critically analyze.(250 words)

Topic – Liberalization and its impacts

3) Rules based trading order is the best bet for India going forward, both domestically as well as from a foreign policy perspective. Critically analyze.(250 words)

Financial express

Reference

 

Why this question

The article talks about the involvement of India in the ongoing trade war which go against the grain of principles being espoused by WTO so far – free, fair and open trade and gradually bringing down protectionist measures. The article discusses the impact on India and thus is important.

Key demand of the question

The question expects us examine the importance of free, fair and open trade for India by highlighting its pros and cons in light of the ongoing trade war between major economies of the world. The essence of the question lies in eliciting your opinion on the current situation and India’s response.

Directive word

Critically analyze – When asked to analyze, you  have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary. You need to conclude with  a fair judgement, after analyzing the nature of each component part and interrelationship between them.

Structure of the answer

Introduction – Highlight the ongoing trade war and how India has responded.

Body – Discuss the pros and cons of India’s response. In pros, discuss points like the necessity of protecting India’s domestic industry such as the steel sector, controlling trade deficit, not being bullied by irreverent policies of USA and working on the idea of regional trading platforms like APEC, leveraging it’s huge market, focus on Make for India. In cons, highlight points like taking the high road and upholding the values of free trade which has benefitted India, the need for India to become more integrated in global supply chains for make in India to be a success, discuss the foreign policy implications of these measures etc.

Conclusion – Present a fair and balanced view and mention what in your opinion should be the next step for India.