China’s success has feed the notion that there is something of a Faustian bargain between economic prosperity and democratic governance. This view was especially prominent in the “Asian values” debate of the mid-1990s (here and here) but it persists in the conventional wisdom that India’s messy democracy is a hindrance to the country’s efforts to catch up with China.
Some years ago, New York Times columnist Nicholas Kristof opined that due to political disorder Indian “economic policy-making isn’t nearly as shrewd, pro-growth or farsighted as China’s.” More recently, Charlie Munger, Warren Buffett’s long-time business partner, averred that while the Chinese government “can get things done,” the Indian system is mired in “paralysis.”
In view of China’s awe-inspiring performance, it is thus easy to dismiss the profusion of wild rumors that came out of Beijing in recent days. But their proliferation – driven largely by a system of governance explicitly designed to frustrate inquiry by citizens and media alike – indicates that high-level political strife of some kind is occurring behind closely-guarded scenes.
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Opportunities for Indian Manufacturers in ASEAN
Indian exports largely mirror those of ASEAN states, such as rice, electrical equipment, and clothing and accessories. However, there are still sectors where Indian exporters can potentially exploit market needs – wheat exports, the digital economy, and healthcare.
The economic partnership between India and the Association of Southeast Asian Nations (ASEAN) has continued to strengthen since the economic relationship began in 1992 and with the ASEAN-India Free Trade Agreement (AIFTA) coming into effect in 2009.(more…)
India, ASEAN Agree to Review FTA Scope, Address Uneven Market Access
Chief among India’s concerns is that Indian exporters have been denied a level playing field in the Southeast Asian market. Moreover, New Delhi believes that China has taken undue advantage of the ASEAN-India FTA (AIFTA) due to weak rules of origin.
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