Policy Watch: India’s trade imbalance with China grows
The merchandise trade deficit goes psat $100bn mark for the first time.
Dear Member,
Thanks to everyone that came to last week’s Political & Public Life Awards. Winners included those from across the political aisle, with Leader of the Opposition Sir Keir Starmer KCB, KC MP picking up the Labour Parliamentarian of the Year award, and Rt Hon Penny Morduant MP being honoured with the Conservative Parliamentarian of the Year.
Rt Hon Valerie Vaz, Member of Parliament for Walsall South, said: “I am delighted to be able to support these Awards that recognise so many outstanding individuals. More than ever, we need to come together as a country to address the challenges we face. It is wonderful to be able to do so with leaders from across the UK.”
Baroness Arlene Foster of Aghadrumsee DBE, PC, who was First Minister of Northern Ireland earlier, spoke on the night in her capacity as Chair of the Together UK Foundation, a new non-profit with the purpose to proactively inform and engage debate on all benefits for all constituent parts of the UK to remain together. She spoke in particularly about the importance of the country’s international trade relationships to boost prosperity across the entire United Kingdom.
Bridge India Member Poulami Bhowmick is fundraising for her startup Bombay, a data transparency marketplace for ethical and responsible sourcing in fashion, tea, coffee and home accessories. The platform aims to provide data about suppliers' human rights, sustainability and other important factors in the supply chain; help companies connect with other brands or retailers in their community; and get medium sized ethical suppliers in fabric, clothing, tea or coffee, and home accessories. It is SEIS/EIS eligible.
Find out more or get in touch with her via the Members’ WhatsApp group or by replying to this email.
One of the overarching themes of Modi’s first term as PM was to promote Make in India, a campaign to boost domestic industry. It failed to arrest the long-term decline of manufacturing output as a percent of GDP. In May 2020, this evolved into the Aatmanirbhar Bharat Abhiyan, after which there was more of a rounded carrot-and-stick approach to ecosystem enablement.
In the lead up to the Aatmanirbhar Bharat announcement, amidst the heightened border tensions with China, the People’s Bank of China increased its shareholding in mortgage company Housing Development Finance Corporation (HDFC), one of India’s leading non-banking financial companies.
Shortly after, there was a surprise change to India’s FDI policy via Press Note 3 in April 2020, which was intended to block opportunistic takeovers of Indian companies by Chinese companies, such as that of HDFC.
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