Prime Minister Narendra Modi leaving for US visitImage Credit source: PTI
Prime Minister Narendra Modi is currently on a visit to America. This yatra, which is happening after a long time, will run from June 21 to June 24. Before his visit, it is worth noting that how the western world’s outlook towards India has changed. PM Modi created the image of ‘Global Leader’ (Statesman) within the country, how its effect was seen in the world. At the same time, on the foreign policy front, India’s stand has now become issue-based instead of leaning towards any country or faction. In such a situation, he has created the image of India in such a way that without India, the work of the western world will not work. After all, how did all this happen…?
About this Vivek Debroy, Chairman of the Prime Minister’s Economic Advisory Council Explains in detail. Describing PM Modi’s current US visit as important, he says that ‘as much as America is necessary for India, America needs India as much. A large population in America belongs to the Indian community.
Resolution of issues and future strategy
That’s why many important issues will be discussed during this visit of Modi, solutions will be found for many. So many issues will be left to be ‘resolved’ in the future, such as the trade agreement. Not only this, a future cooperation strategy can also be prepared between India and America regarding nuclear energy, green energy, US investment in the pharmaceutical sector under the PLI scheme, etc.
Talking about trade agreement, the trade between any two countries is inspired by each other’s investment in both the countries. That’s why India is trying to increase America’s investment here. At the same time, both the countries have an advantage of this investment. While this investment will help America to reduce its dependence on China, it will act as an economic booster for India. Anyway, America does not want to depend on any country for its supply chain, with which it does not have agreement at the strategic level.
American companies want to shift their supply chain from China and this need of America is fulfilled by India’s ‘Make in India’ and ‘PLI Scheme’ programs. Not only this, there are immense possibilities by increasing the partnership between India and America at the level of research, science, private sector, private university.
No special treatment for America, all equal for India
During the tenure of PM Modi, India has been successful in creating a balance between America and Russia on the foreign policy front. Where America repeatedly raises the issue of high taxes imposed in India for trade agreement, even then it can talk about abolishing the preference given in the import of aluminum and steel. This is the reason why only India has to leave everything during the trade deal between the two countries, it will not happen. Rather, America will also have to give up a lot.
India cannot follow the strategy of giving preference to any particular country, nor does it want to follow it. Therefore, if there is a need for improvement in any sector, then it will be for all the countries of the world, not for America or any particular country. Anyway, since 2014, the Modi government has been laying a lot of emphasis on the policy of ‘Ease of Doing Business’ in the country.
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This balance between Russia and America helps India to meet its energy requirement as well. India wants to provide electricity to the poorest of the poor in the country. For this, wherever in the world he gets cheap energy, he will take it. Now according to the stand of America or Russia, there is no need to depend on anyone for this.
It is difficult to ignore India
The most important thing that happened during the tenure of Prime Minister Narendra Modi was to instill pride in being an Indian among the people. One advantage of this was two-fold, firstly, India’s ‘soft power’ became a threat to the world, while it helped in becoming an economic power. Now, whatever be the economic growth of India, but its global presence is visible. India is progressing better at present, although many times we have to take decisions based on the policies of the Federal Reserve of America.
With this, Bivek Debroy believes that India should stop running after rating agencies like Moody’s, S&P and Fitch. These agencies have given good ratings to many countries in the past as well, yet they have sunk. At the same time, their attitude towards developed countries and developing countries or emerging economies has been full of partiality.
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These rating agencies need to influence the investment cycle in a country, but foreign direct investors and portfolio investors have their own assessment of investment. It can be understood by example that if these investors consider India’s economic growth rate as 6.5 percent, then they will not be affected by the growth estimate of 5.5 percent by most of the rating agencies.