With out having conceptual clarity and basic general information on what is happening in the Economy, UPSC would be a tough battle to win. Economics include both Indian Economy and International Economic phenomena which directly or indirectly affects Indian Economic situation. India-EU FTA (Free Trade Agreement) becomes a hot topic with its relevance to both Indian and International Economics.
The India- EU FTA , a long cherished Trade Pact has been in deadlock over some serious issues. The FTA, if realized would open the vast Indian market for European firms and India would benefit hugely in terms of increased job opportunities, Outsourcing, IT and Pharmaceuticals etc.
However, the India- EU FTA talks that resumed last month (September) have brought no improvement, as both the parties are not ready to budge from their positions. The differences are over Intellectual Property Rights, Pharmaceuticals, and Automobiles. Other Social and Environmental issues like labour standards worsen the problem.
The European Union has been insisting on India to implement strict Intellectual Property Regime, for which India hasn't been ready, as it would adversely affect our Pharmaceutical sector. European Union has also been demanding us to impose fewer taxes on exports. India on the other hand has taken up the issue of travel restrictions on its professionals. India wants it to be eased and more job opportunities to be offered for its professionals. As the two sides are not ready to give up, it seems like the FTA is not likely to be inked in the near future. Concerted efforts and sacrifices from both sides are required without forgoing the legitimate demands, not to miss a golden opportunity.
The India- EU FTA , a long cherished Trade Pact has been in deadlock over some serious issues. The FTA, if realized would open the vast Indian market for European firms and India would benefit hugely in terms of increased job opportunities, Outsourcing, IT and Pharmaceuticals etc.
However, the India- EU FTA talks that resumed last month (September) have brought no improvement, as both the parties are not ready to budge from their positions. The differences are over Intellectual Property Rights, Pharmaceuticals, and Automobiles. Other Social and Environmental issues like labour standards worsen the problem.
The European Union has been insisting on India to implement strict Intellectual Property Regime, for which India hasn't been ready, as it would adversely affect our Pharmaceutical sector. European Union has also been demanding us to impose fewer taxes on exports. India on the other hand has taken up the issue of travel restrictions on its professionals. India wants it to be eased and more job opportunities to be offered for its professionals. As the two sides are not ready to give up, it seems like the FTA is not likely to be inked in the near future. Concerted efforts and sacrifices from both sides are required without forgoing the legitimate demands, not to miss a golden opportunity.