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• W2075348575 abstract "My comments on Krueger (2008) will highlight a few issues on India's economic performance and trade and international economic policy that were not adequately covered in her paper. Comparisons are made with China, as the two giants offer two models of economic transformation in Asia in recent decades. First, China's economic transformation began in the late 1970s while India's took place mainly from the early 1990s. India's transformation has been less dramatic. The question is what role did Indian democracy play in the differential speed and what is the political economy of the Indian reform process? Also, Krueger did not comment on the widening regional disparities in India. China's initial growth was deliberately concentrated in the southeastern coastal states. When it failed to “trickle” westwards, resulting in wide regional disparities, the central government introduced measures to direct development efforts toward the central and western regions. In India, there was no deliberate policy choice on where to develop first, so the states that were initially better placed in terms of infrastructure and human capital naturally grew faster. The emerging issue for India is whether there are forces and policies in place for more inclusive and equitable growth to enable economic convergence over time. Second is the role of labor-intensive manufacturing. The popular media has dubbed China the “factory of the world”, while India's comparative advantage is recognized to be in information technology-related services. India has been largely unsuccessful in exploiting its comparative advantage in labor-intensive manufacturing due to the protectionist stance of Indian industries, domestic labor market inflexibilities, poor infrastructure, and lower inflows of foreign direct investment (FDI) into manufacturing. In contrast, labor-intensive manufacturing in coastal China has been FDI-led and export-led resulting in rapid absorption of surplus labor. Third is India's policy of developing special economic zones (SEZ) to boost manufacturing production, exports, and employment. The government announced its SEZ policy in April 2000 to attract FDI, promote exports, and provide a level playing field for domestic enterprises. SEZs elsewhere have been criticized in the economic literature for their enclave character and tax revenue foregone but have been recognized as being highly successful in China. China has five SEZs, established soon after the launching of its open-door policy and economic reforms. Chinese SEZs are government driven and located in southeast coastal China in close proximity to Hong Kong, Macau, and Taiwan to attract their investors. The Chinese SEZs have strategic locations to attract FDI and to export, large size, attractive incentive packages for FDI, liberal customs procedures, flexible labor laws, and strong domestic market. These SEZs attracted a sizable share of China's FDI inflows and contributed a sizable share of China's manufactured exports. In contrast to China, India's SEZ policy was launched only in 2001–2002 after 10 years of economic reform. The government intended to have some 300 SEZs scattered in different states. They are mostly concentrated near major cities and are relatively small, with the majority being developed by real estate companies. Some are multiproduct zones while others are dedicated to specific products or services. A serious problem is the land procurement process – land is being acquired from farmers through special laws and way below market rates, resulting in exploitation of farmers and their strong resentment, while promoters and big business groups benefited enormously. The Indian SEZs have also been criticized for the urban property racket and the relocation of industries from outside the zones. The SEZs have also not been very successful in attracting FDI. Fourth is India's “Look East Policy”, launched in 1992 after the fall of the Soviet Union and the need to reorient India's foreign economic policy. India's long dispute with Pakistan on its west is a factor in its turning eastwards, particularly toward South-East Asia initially. The growing focus on South-East Asia is to develop trade relations, provide employment for Indian workers seeking overseas employment, as well as to counter China's growing dominance in South-East Asia. The growing partnership with South-East and East Asia is seen in the sectoral dialogue partnership in 1992 and full dialogue partnership in 1995 with the Association of South-East Asian Nations (ASEAN), membership of the ASEAN Regional Forum in 1996, and member of the East Asian Summit in December 2005. Relatedly, India seems to be rushing into signing regional and bilateral free trade agreements (FTA) and preferential trade agreements (PTA) with a widening group of countries. In South Asia it is a key member of South Asian Association for Regional Cooperation and South Asia Free Trade Agreement (entered into force in January 2006). India is also keen to join the proposed East Asia economic community (or ASEAN Plus Six). India has also concluded or is negotiating or considering trade agreements with Thailand, Singapore, Malaysia, ASEAN, South Korea, Japan, and China. Beyond Asia, India also concluded regional and bilateral trade agreements with Latin America, Mauritius, and the South African Customs Union. However, India's record for trade liberalization implementation has been poor due to long lists of sectoral exclusions and strict rules of origin. To benefit from the liberalizing effects of FTAs and PTAs, India needs stronger political commitment to trade and investment liberalization, lower tariffs and non-tariff barriers, and have smaller negative lists and simpler and transparent rules of origin." @default.
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• W2075348575 date "2008-12-01" @default.
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• W2075348575 title "Comment on “The Role of Trade and International Economic Policy in Indian Economic Performance”" @default.
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• W2075348575 doi "https://doi.org/10.1111/j.1748-3131.2008.00113.x" @default.
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