How India may emerge as an alternative hub to China as globalisation takes hit in post-pandemic world

How India may emerge as an alternative hub to China as globalisation takes hit in post-pandemic world

Agency News

Kolkata, May 6 : Under unique initiative of the EEPC India, 40 economists and academics of renowned Indian and international institutions have pieced together their prescriptive assessment of the economic, social and political impact of Covid-19, debating how India may emerge as an alternate manufacturing hub to China, even as globalisation takes a hit in the post pandemic world.

The compendium of well-researched articles, ranging from challenges of lockdown, impact on trade, fall-out on exports and MSMEs and the emerging challenges for economic diplomacy has been brought out by the Engineering Export Promotion Council of India (EEPC India) in collaboration with the ASEAN-India Centre (AIC) at Research and Information System for Developing Countries (RIS). ' In particular, the publication, titled “COVID-19: Challenges for the Indian Economy - Trade and Foreign Policy Effects' examines the magnitude and the impact of the crisis on Indian economy – is it shallow or deep, and the scope to rebound, particularly from the point of view of exports. Several economists and scholars also give their deep dive prescription for managing the immediate challenges of business and income loss for the people while battling it out with the global pandemic," wrote Executive Director of the EEPC India Suranjan Gupta, and Dr Prabir De, Professor at the Research and Information System for Developing Countries (RIS) in their joint contribution. The distinguished economists and academics, giving a diversified picture of the Covid-19 impact were drawn from top institutions and universities.

These included Jawaharlal Nehru University (JNU), Indian Council of Research on International Economic Research (ICRIER),School of Environmental and Forestry Sciences, University of Washington, Indian Institute of Foreign Trade, Indian Institute of Management and Jadavpur University, among others. ' Although India has managed well till date in containing the spread of the virus, the COVID-19 pandemic has already disrupted normal economic activity and life in our country.

India’s trade has been severely impacted. People have a sudden loss of their income, causing a major drop in demand. To rescue the economy, India has announced impressive fiscal and monetary stimulus packages. This pandemic has strong foreign and trade policy effects,' said Dr Mohan Kumar ,Chairman, RIS. Sharing a practitioner's ground report, EEPC Chairman Ravi Sehgal said, 'Pandemic comes at a worst of time when global economic order is already exposed to rising trade protectionism, ongoing tariff wars, unilateral economic sanctions, standstill at WTO talks, waning economic and financial institutions and lack of mutual trust, wisdom and initiation among global leadership'.

He said, the council would brainstorm different ideas and assessment of some of the top economists and scholars as it endeavors to deal with the worst global crisis in the living memory of people. (UNI)