India continues to remain a bright spot amid sluggish global economic forecast of the International Monetary Fund (IMF). According to World Economic outlook (WEO) released by the IMF, India will …Read More
With the Indian government trying to fast-track reforms, India improved by 1.6 points in its overall score. India was ranked 123 in 2016 Index of Economic Freedom, released by conservative …Read More
DAVOS/SINGAPORE: Aiming to start 2016 with a bang, the Narendra Modi- led government is focusing on reviving private investments and boost economic growth through additional measures. Pitching the India story …Read More
The new economic reforms unveiled by the Indian government have the potential to create a positive investor sentiment in the US, ahead of Prime Minister Narendra Modi’s visit to New …Read More
Amid China’s economic slowdown, Finance Minister Arun Jaitley has raised the bar for the India Story by aiming at new normal double digit growth for Asia’s third largest economy and …Read More
Diplomacy is the art of the possible. If successful and effective diplomacy is about reigniting the spark in old relationships, winning new friends, breaking new grounds, and shaping the outcomes in the international arena to promote the country’s enlightened national interests and development, then the seven-month old Narendra Modi government scores high as it builds on the successes of 2014 and looks ahead to 2015 with “new vision and new vigour.” Breakthrough Diplomacy, as India’s External Affairs Minister Sushma Swaraj writes in a prologue to the eponymous e-book published by India’s Ministry of External Affairs, is about melding ‘Diplomacy for Development’ as the overarching themes in India’s global engagements.
“2014 has truly been a Year of Breakthrough Diplomacy. India’s star is today shining ever brighter on the global firmament,” writes Swaraj.
Talking of breakthrough diplomacy, it’s time to unscramble the jargon and introduce some balance in diplomatic discourse and the unfolding possibilities in the coming months. For one thing, breakthroughs don’t happen every day or every year in diplomacy; the India-US nuclear deal was a breakthrough, but getting Obama to be the chief guest at the 2015 Republic Day celebrations is a diplomatic triumph, but not a breakthrough. To claim routine diplomatic successes as breakthroughs, therefore, would be misleading, and lowering the bar. For another thing, diplomatic breakthroughs presuppose a perceptible and substantive rise in a country’s comprehensive national power, economic and military strength as well as soft power.
India’s Prime Minister Narendra Modi has launched the “Make in India” initiative, which is aimed at increasing the manufacturing output within India. This is a welcome step towards harnessing India’s large labour force and resource base. However, the manufacturing sector in India has lagged in recent years, and to succeed several reforms are necessary to unlock the potential of India’s manufacturing sector.
Rebooting India’s manufacturing sector is a challenging but essential task. India has a huge potential for manufacturing a wide range of products ranging from traditional and cultural-related products to the most modern sophisticated products. Many of these products have good export potential that can be exploited. The example of the auto sector is a lesson to follow. India has become a major producer and exporter of automotive products including a wide range of 2, 3 and 4 wheelers and components. This has happened as a result of liberalization and integration into the global economy.
The “Make in India” campaign needs the widest possible support to succeed. The central and state governments, business and industry, and labour organizations must work together to achieve this goal.