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Indian economy must protect itself from protectionism, says Gen VK Singh
By TOG News Service
Mar 13, 2018

TOG News Service, NEW DELHI, MAR 13, 2018: ADDRESSING the gathering at the inaugural session of The Gateway of India Geoeconomic Dialogue, 2018, the MoS for External Affairs, General (Dr.) VK Singh (Retd.), stated that nations of the world were dependent on each other, thus raising the need for greater synergy in what each nation did and benefited from. Drawing attention to the fact that the Indian economy had been hailed as the world's fastest growing large economy, he stated that the current GDP growth rate of 7% - 7.5% was very good in current circumstances. He also stated that the Indian manufacture sector needed to meet the demands being raised by the global and domestic economy.

Acknowledging the current trend to gravitate towards protectionism, Mr Singh stated that the global community needed to look seriously at the challenge of protectionism. He said that in the interconnected world of today, such challenge had become bigger. Thus he stated that Indian policies must be tuned to lead to win-win solutions and protect it from protectionism. Mr Singh stated that on the domestic economic front, the Government took a number of steps to maintain a multilateral rule-based world trading order.  He stated that the liberalization of FDI regime had resulted in growth in FDI as well as rise in the number of sectors that attract FDI.  Mr Singh drew attention to steps taken by the Government to enforce contracts that gave confidence to businessmen that their investments would be protected.

Turning to the taxation regime, Mr Singh stated that the Goods and Services Tax would yield even better results in times to come, through higher revenues, simpler processes for businesses and smoother provision of services. He stated that the Government was taking efforts to ensure that the system is continuously improved. The Minister also noted how initiatives such as Sagarmala, UDAAN and the opening of Chabahar port are improving various types of connectivity and reducing transaction costs in India.