Many things have changed for Indian economy in the last 10-15 years. When adopted free market economy nearly 15 years ago, it was like a backbencher in the world economy. Now is coming to the forefront in the world economy and its future only looks to be bright. So, India needs a new Foreign Trade Policy and this is coming on this Friday (7 April 2006). Union Commerce and Industry Minister Kamal Nath informed about it in the 40th annual convocation of Indian Institute of Foreign Trade (the organization is promoted by the commerce ministry of India). The minister said that the most priority will be given to creation of jobs as would have a larger workforce than
Mr. Nath has stressed on two ways that could generate jobs for the Indians. According to him, India must focus on attracting foreign direct investment (FDI). He pointed out to the huge potential that India has now in knowledge process outsourcing and engineering outsourcing. The minister has also said that India must take advantage of the changing demography of the developed world. The percentage of old people are increasing in the western world and to keep their economy running they need a lot of young hands. Mr. Nath has informed that this factor will be taken into serious consideration in the new foreign trade policy and India will create skilled manpower and export them to the developed world.
I feel that that the new foreign trade policy of India has been prepared keeping in mind about India's competition with China. I read a short post in a blog about this matter today.
India's new foreign trade policy is surely going to be based on pragmatism and if India really wants to shine then pragmatic approach is the only ideal way.
Do you agree with me?
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