Topic: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
6. Embracing the new dogma of globalization without a cost-benefit analysis is equally dangerous, examine in the backdrop of India not joining the Regional Comprehensive Economic Partnership (RCEP). (250 Words)
Why this question:
The question is in the backdrop of India not joining the Regional Comprehensive Economic Partnership (RCEP).
Key demand of the question:
One must examine the relevance of globalisation and the limitations it comes with.
Examine – When asked to ‘Examine’, we must look into the topic (content words) in detail, inspect it, investigate it and establish the key facts and issues related to the topic in question. While doing so we should explain why these facts and issues are important and their implications.
Structure of the answer:
In short explain the concept of globalisation, trace the history of its coming.
Explain what has been the issue with RCEP and India.
Discuss the pros and cons of globalisation.
Explain the effects of trade with China and its implications on Indian economy.
Highlight that India needs to take a hard look at its choices. Creating global competitiveness and doing all that it takes to do so, including abandoning conventional ways of thinking, cannot be delayed. Better-functioning factor markets and reducing costs for businesses are overdue.
Conclude that Smarter, creative policies for developing and nurturing the nation’s industrial and technological capacities need to be crafted. Economic nationalism and greater ambition is the need of the hour.