Politics
Triffs Trump: Will the War of Import Rights push India to open its markets?
Last month, before Prime Minister Modi's meeting with Trump in Washington, India unilaterally lowered prices on Bourbon whiskey, motorcycles and some other American products.
The Minister of Commerce, Piyush Goyal, made two trips to the United States to discuss a potential trade agreement, following the threatened reprisal rates of Trump, who was looming on April 2. (Citi research analysts estimate that India could lose up to $ 7 billion a year from reciprocal rates, mainly affecting sectors such as metals, chemicals and jewelry, with pharmaceuticals, cars and food products also at risk.)
Last week, Goyal urged Indian exporters to “get out of their protectionist state of mind and encouraged them to be daring and ready to face the world from a position of strength and self -confidence”, according to a statement,, external of his ministry.
India is also actively pursuing free trade agreements with several countries, including the United Kingdom and New Zealand, and the European Union.
In an interesting turn of events, local telecommunications giants Reliance Jio and Bharti Airtel joined forces with Trump Ally Elon Musk SpaceX to launch satellite internet services via Starlink in India. This decision surprised the analysts, in particular after the recent clashes of Musk with the two companies, and came while the US and Indian officials negotiate the trade agreement.
The rapid growth of India from the end of the 1990s to the 2000s – 8.1% between 2004-2009 and 7.46% from 2009 to 2014 – was largely motivated by its progressive integration into global markets, in particular in pharmaceuticals, software, cars, textiles and clothing, in parallel with a regular reduction in prices. Since then, India has turned inward.
Many economists believe that protectionist policies in the last decade have undermined the Make In India initiative of Modi, which has prioritized the high -intensity of capital and technology sectors on sectors with high work intensity such as textiles. As a result, he had trouble stimulating manufacturing and exports.
High prices have also favored protectionism in several Indian industries, discouraging investments in efficiency, according to Viral Echarya, professor of economics at New York University Stern School of Business.
This allowed the “comfortable holders” to obtain market power by consolidating their positions without dealing with a lot of competition. Like Mr. Accunya, a former central banker, noted it in a paper ,, externalBy Brookings Institution, the restoration of industrial balance in India requires “a reduction in prices to increase the share of the country of trade in world goods and reduce protectionism”.
The prices of India already higher than those of most countries, other increases could be particularly damaging.
“We have to stimulate exports and a tariff war for Tit-For-Tat will not help us. China can afford this strategy because of its massive export base, but we cannot, because we only have a small part of the global market, Rajeshwari Sengupta, associate professor of economics with us, said more than the others,” added.
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