.
Prime Minister Narendra Modi has taken his challenge on the
green field of the Foreign Direct Investment. He has taken his responsibility with glorious declaration
after taken oath as Prime Minister of India on 2014, which announcement was
‘Reform of India’. After two years of the NDA ruling, as such Prime Minister
Narendra Modi more dynamic on the above subject. He used the back ground music
of Dr. Raghuram Rajan, governor of the Reserve Bank of India’s closed chapter.
Prime Minister Modi also joined the Indian market symbolically after Dr.
Raghuramram Rajan issue and before Brexit heat. Let’s see what time he has
chosen. What was view of Dr. Raghuram Rajn?
‘’Some of the actions I take will not be popular. The
governorship of the Central Bank is not meant to win one votes or Facebook
‘likes’.’’ (Raghuram Rajan, September 2013, The Telegraph, Calcutta quoted on
19 June 2016.) And from his book ‘Fault Lines’, published in 2012 ‘’Politician
today vow, ‘Never again’! But they will naturally focus only on dealing with a
few scapegoats, not just because the system is harder to change, but also
because if politicians traced the fault lines, they would find a few running
through themselves.’’
Subramanian Swamy has had make the six major allegation
against famous economist of Dr. Rajan. His last one ‘’Rajan is a member of the
Group of 30, an international grouping that, according to Swamy, is striving to
defend the US’s dominant position in the global economy.’’
Congress vice president Rahul Gandhi has made his counter
voice against Subramonian Swamy and Prime Minister Narendra Modi. He told ‘’
Prime Minister Narendra Modi knows everything. He has no need for experts like
Raghuram Rajn. Thank you Dr Rajan for steering the economy in difficult times.
People like you make India great.’’ (Courtesy:
The Telegraph, 19 June, 2016.) In an interview to Times Now, the PM
said, ‘’I believe Raghuram Rajan’s patriotism is no less than any of
ours...whatever post he holds, wherever he is, he will serve the country.’’
(Courtesy: Times of India, June 28, 2016.
According to the
media, NDA Govt. famously said that ‘we can’. Yes, NDA govt. does their work
with necessary decision about modernization of India after long time for shake
up employment generation. Prime Minister Narendra Modi proudly declared that,
India is the only liberal country which nation can successfully able to allowed
foreign investment in compare with other nation. But Indian trade and commerce
lobby not satisfied in the year of the 25th anniversary of the
reforms. Industry has been hoping ‘Big bang’ reforms since the Modi government
came to power in May 2014.
Is it second generation reform? Sorry to say not at all. We
have no rights to consider any freedom from narrowness. How, we could be
believed that India not updated to overcome the modern reform scale of deepest tone? It was require more dynamic political
leadership and risk taking responsibility. We know which has decided by former
Prime Minister Dr. Manmohan Sing. Who
has introduced his first liberal budget as Finance Minister in India on 1991?
Obviously who was Dr. Manmohan Sing as world famous Indian economist and
finance minister, India got first trade policy package on July, 1991, New Industrial
policy tabled in the Lok Sabha on July 24, 1991. Dr Sing also tabled Second
trade policy in the Lok Sabha on August 13, 1991 under the shadow of Indian
unstable market.
After 25 years we have a stable market as a 2nd
largest economy in Asia. India can make the successful platform for the
domestic Industrialist and for the Small traders, if govt take major role for
‘BIMSTEC’ (Net Work of Think Tank) movement in the Indian subcontinent.
I think this is facsimile story of ‘BIMSTEC’. What I have
learned from this larger study? I have taken above issues to extend few views which
have been used on this value added seminar. BIMSTEC, CSRID and IFPS organized
two days International conference on ‘BIMSTEC at 20:’ agenda for 2017 and
Beyond on 28-29 March, 2016 at Kolkata. I was invited but sorry to say that
first day on 28th March I was not able to attend the program. 29th
March I have able to follow the Seminar with distinguished speaker. Panellists
was Prof Ratan Khasnabis, Professor of Economics, University of Calcutta, Prof.
PV Rao, Adjunct Professor, NALSAR University of Law, Hyderabad, Prof. Surath
Horachikul, Chulalongkorn University,
Bangkok, Ms. Deepti Pant/ ASSOCHAM Representative, Prof. Ajitava
Raychaudhury, Department of Economics, Jadavpur University, Kolkata, Prof. Posh
Raj Pandey, Executive Chairman, South Asia Watch on Trade, Economies and
Environment (SAWTEE), Kathmandu, Nepal, Amb. Dago Tsharing, former Ambassador
of Bhutan to India, Dr. Rajeev Sing, ICC,
Summery Report by Dr. Binoda K. Mishra, Director, CSIRD, Shri Subir Bhaumik, Senior Fellow, CSIRD and
many others. Special address was by Dr. Saman Kelegama, Executive Director,
Institute of policy studies (IPS) of Sri Lanka, Colombo.
BIMSTEC may have to look into use economic Corridor of SAARC
and Asian cross border trade and Energy cooperation. So, I have found that
South East Asia got ‘Look East policy’ which introduced by UPA govt.
What is ‘BIMSTEC’?
Preface of BIMSTEC cooperation Report, 2008, ‘’As far as the
names of regional blocs go, the Bay of regional Initiative for
Multi-Sectoral Technical and Economic
cooperation (BIMSTEC) is possibly the largest in terms of characters used-69,
to be precise. If only the list of effective measures it has initiated so far
had been as long as that! That would have made life for the 1.3 billion people
who come under its umbrella- of whom a large number happen to be the poorest
living on the surface of the earth- a whole lot different.
At the same time, there is no denying that what it has
achieved in just 11 years of its existence has not been inconsiderable. Actions
germinate from ideas, and BIMSTEC stands out as a great idea, a natural idea
that is shared by each of the seven member nations who have seen their history,
existence and ethos spun around one of the most beautiful water bodies of the
world, the Bay of Bengal, which sadly has now been overlaid by accretions from
the complex, contemporary mathematics of conflicting equations. Yet, the very
fact that the bloc is having a second summit within five years of the first
indicates a sense of purpose, a feeling of urgency, and the constant hammering
of overarching common aspirations.(Partly)’’
Prof. Ratan Khasnabis remind us, he said on seminar that, ‘’The
BIMSTEC is a economic and political issue. The biggest economy of the globe USA
and China has picked up. China GDP (Purchasing power parity) $ 19, 510 million
in compare with USA $ 17, 968 million.’’ Prof. Khasnabis have no objection
about FDI in Indian retail market. He have had consider his views during the question
and answer session, after facing common
questions from international media correspondent.
I would like to follow above mentioned distinguished speaker’s
outlook that, we need to secretariat exchange about trade and commerce. For
better trade and industry, initially we have needed more energy collaboration between
Bangladesh and India, India and Nepal. External funding needs from outside the
region. We have also valued record with Indian foreign chapter that former Prime
Minister Rajiv Gandhi visited China. It was a positive initiative regarding
foreign policy of India. Rajib Gandhi was a major leader of the Indian
responsible party. He believed in ethical practice from political wing.
Recently PM Narendra Modi has made his statements about
relationship between India and China. He said, ‘’we don’t have one problem with
China, we have a whole lot of problems pending with them. Three days ago I met
the Chinese president. I told him clearly about India’s interests.’’ (Times of
India, June 28, 2016)
‘US withdrawal worry from economic stage’. Says, Jonathan
weisman with his column of New York Times on April 18, 2015. He wrote ‘’As
world leaders converge here for their semi-annual trek to the capital of what
is still the world’s most powerful economy, concern is rising in many quarters
that the US is retreating from global economic leadership just when it is
needed most. ......... Experts say that is giving rise to a more chaotic global
shift, especially toward China, which even Obama administration officials worry
is extending its economic influence in Asia and elsewhere without following the
higher standards for environmental protection, worker rights and business
transparency that have become the norms among western institutions.
President Obama, while trying to hold the stage, clearly
recognise the challenge, Pitching his efforts to secure major trade accord with
11 other pacific nations, he told reporters: ‘The fastest-growing markets, the
most populous markets, are going to be in Asia, and if we do not help to shape
the rules so that our business and our workers can compete in those markets,
then China will set up the rules that advantage Chinese workers and Chinese
business.’ Even the US export-Import Bank, a lending agency similar to export
financing arms in countries around the world.’’
We don’t have need any conventional government. Post Brexit,
if time is ‘End of ideology’ India may have to win the diplomatic trophy for
new ‘Euro-Asia’ lobby to hold the new block as second growing economy in Asia.
Like last decade of 20th century. It was popular as decade of Hayek.
I didn’t read ‘The Road to Serfdom’ (1944) by Friedrich Von Hayek. But I have
read one article about the above book.
