GCCI INDIA: India's Economy Reform is Crucial to its Development

Despite all that India has gone through in the hands of Asia giants, there is reason for optimism. In short, necessity is the mother of reform. India only opened its economy and launched its reform agenda in 1991 because its economic situation was so dire. Facing sovereign default, it had no choice but to systemically reform its economy. With the economy cratering while tens of millions of young Indians enter the workforce for years to come, the necessity, and therefore likelihood, of reform will increase. Already, to combat 26 percent unemployment at the height of India’s lockdown, Indian states gutted longstanding labor regulations, and momentum is increasing for land reform.

The United States should strongly encourage India’s domestic economic reforms. India can only be a bulwark against China if it has the economic heft to sustain it. Achieving this can involve traditional carrots and sticks from the United States, but policymakers should seek creativity and ambition in policy design. The present moment offers unmatched potential for U.S.-India synergy across strategic alignment, economic prosperity, and democratic cause – U.S. policymakers must take full advantage of this. They must also make clear that American interest in the economic relationship is not solely for the benefit of US companies, but rather for all countries wary of Chinese expansionism and aggression, including India itself.

Indian growth is key to countering Chinese aggression. As the border standoff showed, the current economic gap between China and its neighbors permits Beijing to act with impunity. A strong Indian economy is therefore critical to both Indian and American security. Both must cooperate to grow the Indian economy, and each will find strength in the other to protect their common interests.

 working in line with stipulated rules and regulations towards economic reforms, Globe chamber of Commerce and Industry India, will support the growth of the Indian economic, by identifying trade and investment needs of the local industries, creating matchmaking mix between foreign businessmen and locals and lot more. 

The organization through its trade promotion programs will help businesses in India to explore international trade and investment opportunities, and foreign partnership that will help to build and grow their businesses. Hence, grow their economy.