The new financial year 2024-25 kicks off today amidst anticipation of the ruling party securing a larger majority in the upcoming Lok Sabha elections. The recent ‘BS Manthan’ event, organized by a leading newspaper to mark its 50th year, shed light on the government’s stance on trade policies and economic reforms.
The commerce minister made it clear that the government will prioritize protecting domestic producers, aligning with the country’s development trajectory. Drawing on the lessons of history, he emphasized the importance of shielding local industries, especially in the face of global competition.
In a bold move, the minister highlighted India’s decision to opt-out of the Regional Comprehensive Economic Partnership (RCEP) in 2012, citing concerns over Chinese dominance in the market. Instead, the focus has shifted towards strengthening trade ties with countries like the European Free Trade Association (EFTA), signaling a shift towards bilateral agreements with wealthier nations.
On the financial front, the finance minister emphasized the need for balanced protectionism, acknowledging the pitfalls of artificial barriers to trade. She reassured the public of the government’s commitment to ongoing reforms and hinted at upcoming negotiations with the UK and the EU.
Furthermore, the Minister for Electronics & Information Technology, Telecom, and Railways outlined India’s vision of becoming a hub for cutting-edge technology products, promising a transformative impact on citizens’ lives.
As the new fiscal year unfolds, all eyes are on the government’s economic policies and trade agreements, poised to shape India’s growth trajectory in the years to come.