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9. Miscellaneous
9.1. New Model Indian Bilateral Investment Treaty ♤ Rationale for a BIT?Law Commission Recommendations on BIT:9.2. Indian Foreign Trade Policy (FTP) 2015 -2020Primary objective was to boost Indian exports alongside strengthening schemes like Make in India, Digital India, thereby focusing on manufacturing in India along with Ease of Doing business.9.3. Relevance of WTO in Present Day Order ♤ Agreements like TPP focus on reducing tariffs on industrial goods to zero, and liberalising financial services and investments; ♤ Alongside these regional mega-agreements, there are plurilateral agreements led by industrialized countries.Impact of these agreements on developing countries ♤ These mega-agreements constitute a thinly veiled attack on China, India and South Africa, all countries that, in the WTO framework, oppose the liberalisation of trade in industrial goods, services, government procurement and investments, and are stubbornly insisting on more just global rules in agriculture.WTO is still importantTrade Facilitation AgreementTrade Facilitation in Service (TFS) ♤ Aims of TFS9.4. Important International Trade Agreements and Relevant Regional Global Significant for IndiaAct East Policy.9.5. East Asian Crisis 1997 ♤ The currency markets first failed in Thailand as the result of the government's decision to no longer peg the local currency to the U.S. dollar (USD).9.6. Recession of 2008 and India9.7. Various Duties9.8. Masala Bonds ♤ These are rupee-denominated bonds issued to offshore investors settled in dollars and, therefore, the currency risk lies with investor and not the issuer, unlike external commercial borrowings – where Indian companies raise money in foreign currency loans. ♤ Examples: ♤ Benefits of Masala Bonds:9.9. Trade Deficit in India9.10. Foreign Direct Investment, FII, FPI9.10.1. Foreign Direct Investment9.10.2. Foreign Portfolio Investment ♤ Investment by non-residents in Indian securities including shares, government bonds, corporate bonds, convertible securities, infrastructure securities etc.9.10.3. Foreign Institutional Investors9.11. Gaps Between MoUs and FDI9.12. Reforms in FDIdirected to open new sectors for foreign direct investment, increase the sectoral limit of existing sectors and simplifying other conditions of the FDI policy. ♤ Foreign Investment in Defence Sector up to 100%:o Impact on Indian economy and its defence sector ♤ Civil Aviation Sector ♤ Other sectors:Current Affairs’ TV Channels, Down-linking of TV Channels9.14. FDI in Retail – Case in point
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