INDIA’S NEW GROWTH AND TRADE – A VIEW

It is high time for a trade take-off of India, of bridging trade deficit, with a high and inclusive growth rate said to be in operation. At an Average of 8.5 per cent during the years (2004-11) and slowed down to 6.5 per cent in (2011-12) of UPA rule, is said to be ‘historical’ and ‘unprecedented’ by the renowned economist Prime Minister, Dr. Manmohan Singh. The destination of the new growth rate is 10 per cent and more growth over a long period of time to the India economy to the league of developed countries. But, the new the growth is well known to be coming at a great human, environmental and value costs, with high WPI and food prices, environmental degradation and degradation especially of the great farming class. It’s a growth of common man suffering judged against high prices it is a zero sum or even negative game. In trade, the driving forces are woeful SEZs and FTAs. Against the Establishment’s claims of Indian economy being free from any crisis, the economy was quite hit in growth and trade by the global economic crisis of 2008. Over-all, the external or trade record of the new growth is burgeoning trade deficit, and an increasingly imbalanced trade economy. Hence, a revision of growth and trade policies are called for.