Modern India, Conventional Govt.

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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 25^th 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 2^nd 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 28^th March I was not able to attend the program. 29^th 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 20^th 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.