Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
5. Do you think it was wise move by India to not join RCEP (Regional Comprehensive Economic Partnership)? Critically Analyse. (250 words)
Difficulty level: Moderate
Reference: Insights on India
Why the question:
The question is part of the static syllabus of General studies paper – 3 and mentioned as part of Mission-2023 Secure timetable.
Key Demand of the question:
To analyse India’s decision to not join RCEP.
Directive word:
Elaborate – Give a detailed account as to how and why it occurred, or what is the context. You must be defining key terms wherever appropriate and substantiate with relevant associated facts.
Structure of the answer:
Introduction:
Begin by giving context.
Body:
Start by addressing the fact that India recently opted out of it, present the reasons – the economic factors; Protecting its economy from burgeoning trade deficits with a majority of the 15 RCEP members. It had cited the grouping’s refusal to accede to its requests on safeguards as a deal breaker.
Present the significance; RCEP members now account for about 30% of the global GDP and a third of the world’s population. The timing of the accord presents a unique opportunity to support economic recovery, inclusive development and job creation.
Discuss both pros and cons.
Conclusion:
Conclude by giving a balanced opinion.
