ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Burgeoning Edible Oil Imports and Price Shock(s)

The ever-increasing import bill of edible oil has become a chronic problem for India with edible oil being the third largest among imported goods in India, next only to crude oil and gold. There are structural issues in production, productivity, and trade of edible oils. These energy-rich crops are grown in energy-starved conditions where more than 70% of the area under cultivation is rain-fed and often cultivated with low-quality seeds in a fragmented landholding and outdated agri-management practices. It further studies the trade liberalisation measures of a liberal trade policy regime, lower import duties, duty-exemptions under free trade agreements, and changes that India has witnessed in consumption as well as retail of edible oil.

COVID-19 and IPR Waiver

The Government of India is seeking an intellectual property rights waiver under Sections 1 (copyright and related rights), 4 (industrial designs), 5 (patents), and 7 (protection of undisclosed information) of the Agreement on Trade-Related Aspects of Intellectual Property Rights. Seeking an IPR waiver is based on the presumption that it will allow more firms to manufacture vaccines and medicines, thereby enhancing their availability at a cheaper price. However, IPR waivers for COVID-19 vaccines and medicines are unlikely to make any difference. A more effective approach is to use compulsory licences, and reduce tariffs and non-tariff measures.

India and the RCEP

COVID-19 has widely affected global supply and value chains, and specific sectors around the world. In this scenario, the options for India to optimise its regional and global value chain linkages with the Regional Comprehensive Economic Partnership are examined, which in turn could aid in its post-pandemic recovery.

Restricting Third Country Imports

The Government of India has rolled out new rules to restrict third country imports routed through free trade agreement partners for availing preferential tariff benefits. However, the regulatory and compliance-related burdens of the new rules will burden both import-dependent and value chain led export-oriented sectors, and make them uncompetitive in global markets.

Time for a Massive Fiscal Stimulus

Only bold interventions by the government can ensure a quick recovery of the economy.

Doing Business Rankings: Reforms Must Focus on On-Ground Realities for Trade Facilitation

The latest Doing Business (DB) 2020 report places India 63rd among 190 countries, 14 places ahead of its position the previous year. While reforms in the areas of enterprise promotion and reducing red tape are always necessary, reform measures exclusively to attain a higher rank might jeopardise the priorities of that sector. The real success of a higher rank in DB could be in the form of hard infrastructure and last-mile connectivity rather than reducing a few certifications and office visits, making DB reforms go beyond just serving a higher rank.

The Future of Globalisation

An analysis of globalisation in a historical perspective can help us understand how the past or the present may shape the future. In so doing, this article outlines the contours of the present era of globalisation since its inception, circa 1975, to find that the successive epochs of globalisation during the second millennium came to an abrupt end because of their own consequences embedded in the process. Given this, the article seeks to focus on the present conjuncture, at the intersection of economics and politics, when globalisation is again in crisis to reflect on its future.

Kibithoo Can Be Configured as an Entrepôt in Indo-China Border Trade

Borders are the gateway to growth and development in the trajectory of contemporary economic diplomacy. They provide a new mode of interaction which entails de-territorialised economic cooperation and free trade architecture, thereby making the spatial domain of territory secondary in the global economic relations. Taking a cue from this, both India and China looked ahead to revive their old trade routes in order to restore cross-border ties traversing beyond their political boundaries. The reopening of the Nathula trade route in 2016 was realised as a catalyst in generating trust and...

Notes from India’s State Border Highways: Changing Rules, Institutional Corruption and Hoping for Too Much from GST

This essay looks at institutionalised corruption and its effect on Indian roadways, especially the Golden Quadrilateral. Despite higher speeds, delays of crossing states borders nullifies gains from speed. Will the goods and services tax change things?

Problems of Market Economy

Economic Challenges for the Contemporary World: Essays in Honour of Prabhat Patnaik edited by Mausumi Das, Sabyasachi Kar and Nandan Nawn, New Delhi: Sage, 2016; pp 324+xvii, ₹1,195.

BRICS and the New Financial Architecture

The BRICS summit held in October 2016 suggested the possible use of local currency in intra-BRICS trade to lower costs. This article extends this idea and proposes a scheme for setting up a clearing account in local currencies of the BRICS countries. It contends that such a step will provide avenues for generating additional demand within the region while cushioning the member countries against shocks from exchange rate volatility.

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