Trade and Economic Integration
India is encouraged to deepen its trade and economic ties with Asian countries and beyond to mitigate the effects of US tariffs. Revisiting its decision on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) could be beneficial.
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
- An FTA involving countries like Canada, Mexico, Japan, Australia, Singapore, Vietnam, and the UK.
- Could help India deal with non-tariff barriers and other issues.
- Joining could be healthy for India, offering potential benefits and costs.
Cooperation with China
Closer cooperation between India and China could be mutually beneficial due to their complementary economies, despite geopolitical concerns and fears of Chinese goods flooding the market.
Integration with ASEAN
- India has a trade agreement with ASEAN.
- Deeper integration could offer opportunities in manufacturing and services.
Challenges and Opportunities
Investment in Infrastructure
The primary challenge for India is attracting investments, particularly in infrastructure, which is crucial for improving living standards.
Women’s Participation in Workforce
- Increasing women's participation is highlighted as a major potential driver of growth.
- Example: Turkey's transformation through investment in women entrepreneurship.
Strategic Long-term Goals
Green Transition
- State-level coordination in green transition is crucial, with growing activity observed.
- A coordinated structure is recommended for effective implementation.
While short-term economic stimuli like tax cuts are necessary, focusing on strategic, long-term targets remains crucial for sustained growth.