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The Hindu Editorial Daily News Analysis – 2nd Jan 2018

Seize the Asian century

  • Old economic order is dead, but India and China must take the lead to preserve its successes
  • Globalisation -Last month,at the dusk of 2017,a ministerial meeting of theWTO in BuenosAires,Argentina
  • globalisation was finally buried in its homelands, the U.S. and U.K.
  • Post-TrumpAmerica and PostBrexit Britain,are likely to be more bitter than sweet
  • World’s two most populous nations, China and India, made rapid strides in terms of economic growth
  • China, which embraced openness and internal reform more vigorously than India, has been the bigger beneficiary.
  • Globalisation and free markets-More than half a billion people have been lifted out of poverty in a single generation
  • 2008 •financial crisis which sowed the seeds for a backlash
  • It is easy to target immigrants without acknowledging the huge value-add they bring to the host economies
  • It isn’t surprising that the leaders of both China and India, have devoted a considerable amount of political capital
    to combat corruption and root out entrenched vested interests.
  • China has been aggressive about exports and about attracting foreign investment but has been more protectionist about imports
  • India has never quite embraced an export-oriented development strategy.

War forward

  • India needs to capture a much larger share of that market than its present 1.6% share.
  • India also needs to capture a greater share of foreign investment.
  • It needs to give up its traditionally defensive posture on trade in particular.
  • India and China hold the key to the emerging global political economy.
  • Joining the U.S. and other advanced economies in closing up will only lead to slower growth.
  • The challenge for India and China,as the two fastest growing major economies, is to engage with each other.
  • Scenario is set for anAsian century.
  • But for it to materialise India, China and the rest of the region need to look beyond rivalry.

Prelims Focus Facts-News Analysis

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