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LATEST NEWS UPDATES | India’s Trade-relationship with China: The New Imperialism -BP Mathur

India’s Trade-relationship with China: The New Imperialism -BP Mathur

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published Published on Jul 25, 2020   modified Modified on Aug 5, 2020

-MainstreamWeekly.net

    Chinese import have thrown a spanner in the wheel of India’s economic progress per se and industrial manufacturing in particular. The Chinese import is so hard hitting on Indian industry that many manufacturers have become traders.

    The impact of Chinese goods has been such that India is threatened to become a country of importers and traders with domestic factories either cutting down production or shutting down completely...The country can ill afford its industry including MSMEs to get annihilated.

    —  Parliamentary Standing Committee on Commerce (July 2018 )

Seven decades after Independence the economic relations between India and the developed countries of the West and newly industrialised countries of East Asia, continue to be ‘colonial’, India a huge importer of manufactured and capital goods and its exports consisting mainly agricultural, mineral and ‘primary manufactures’, resulting in huge trade deficits and draining of its wealth abroad. It was promotion of trading and commercial interest that gave Britain initial impulse to subjugate India. Two hundred years of British rule was largely responsible for India’s abject poverty at the time of Independence, as a good part of her wealth was exported to Britain without any return, of what was known as Drain Theory, graphically portrayed by Dadabhai Naoroji and other leaders of freedom movement. India embraced a New Liberalised Economic Policy in 1991, with free-markets and globalisation as its mantra, without first building a strong and competitive industrial base. This has resulted in easy access by foreign goods, services and capital to our markets, choking domestic manufacturing and is largely responsible for our current economic woes.

Please click here to read the entire paper.

 


MainstreamWeekly.net, VOL LVIII No 32, July 25, 2020, http://mainstreamweekly.net/article9691.html


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