India turning protectionist

A few days back, the leading industry body, the Confederation of Indian Industry (CII), had urged that India should join the Regional Comprehensive Economic Pact (RCEP). Once it materialises, RCEP would perhaps be the largest economic block in the world, bigger than the European Union, and is likely to hold sway over 30-40% of the world’s GDP. The block comprising the ASEAN countries, China, Australia, New Zealand, etc would make business across the member countries easier, and facilitate better business opportunities.

However, apparently, India has turned protectionist. The long term impact of being protectionist is likely to be adverse for the country and the common man. Incidentally, it was India that was one of the initiators of this concept of Regional Co-Operation, when the process was started in 2012, under the tutelage of the then Prime Minister Dr. Manmohan Singh. By turning inward, and restricting access to its domestic market, India perhaps has taken a few steps backward as far as economic opportunities and development are concerned.

The Union Government and the State Governments of Assam and other North-East States are talking of the ‘Act East’ policy for a number of years now. However, the fate of these Act East initiatives may come to naught with India refusing to become a member of RCEP.

A. Bhuyan,

Nagaon.