Economic Diplomacy of India
Economic Diplomacy of India. When the UPA government left our economy stagnant, the newly elected NDA government emerged as an umbrella on a rainy day. With new government came new policies and a fresh outlook or perspective on the country’s economy. A shift had been seen in India’s foreign policy. Earlier our foreign policies were more politics-centric while economic and trade policies took a back seat.
But, with the advent of the new government, a dire need has been realized to put the economic diplomacy at the top of the agenda of our foreign policies and Prime Minister Narendra Modi is leaving no stone unturned although his initiatives were termed as “old wine in new bottles” by few critics. But, sometimes even the stale dish needs to be revamped to make it more palatable.
PM Modi’s “Act East Policy” coupled with “Neighbourhood First Policy” is a diplomatic masterstroke, both economically and politically, which helps the Indian government to keep a check on China’s footprints in the neighbouring countries be it Bangladesh, Bhutan or any other South Asian country for that matter.
The government has also tried to extend India’s outreach to the African and Latin American markets. However, both landmasses together recorded 15% of India’s aggregate exports and there is nothing vital that shows a longing to accomplish higher numbers. MINISTRY OF HOME AFFAIRS
“Make in India” campaign is the dream project of PM Modi alongside his numerous different goal-oriented projects like Digital India and Clean Ganga mission, etc. He additionally attempted to produce an enthusiasm of Indian Diaspora in India inc. through his foreign visits.
The “Make in India” week held in Mumbai from 13th-18th February 2016 ended up being an extraordinary accomplishment as it secured venture duties worth Rs. 15.2 lakh crore, with host State Maharashtra alone representing Rs. 8 lakh crore. In addition, it got venture enquiries worth Rs. 1.5 lakh crore. Apart from foreign government delegations from 68 countries and business teams from 72 nations, over 2,500 international and 8,000 domestic companies are asserted to have taken an interest in the week-long multi-sectoral industrial event.
India has gained noteworthy ground as the GDP shifted from 7 per cent in the second quarter to 7.4 per cent in the third and thereby, guaranteeing the fact that India holds its position as the quickest developing significant economy on the planet. Besides GDP, key full-scale monetary pointers, for example, manufacturing output, inflation and financial services have been seen moving towards growth. But, still, this growth can not be entirely contributed to the NDA regime as certain past policies may have prospective effect.
Most of the Asian countries endure monetary hurdles due to infrastructure issues and India is no different. Hence, in the Union budget 2016-2017, the govt. announced Rs. 221,246 crore as the total capital expenditure outlay for infrastructure during fiscal 2016-17. This budget has been more favourable for the realization of the blueprint of economic diplomacy.