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Hindustan Times
20-05-2025
- Business
- Hindustan Times
Navigating the FTA maze
As India approaches its economic goals, including exploring the path of free trade agreements (FTAs), like many other growing economies, India faces an important challenge: maximising the potential of its IT sector, while preserving local manufacturing under the Make in India campaign. Achieving this requires a delicately balanced legal and policy framework which embraces global opportunity without signing away national interest. The Make in India initiative has been the forefront of the current government's economic development initiative since 2014 – with an aim to increase the contribution of India's manufacturing sector to 25% of India's total Gross Domestic Product (GDP) by 2025. However, due to increasing foreign competition through imports, its contribution has stagnated between 14% - 17% as of 2024. FTAs globally have produced mixed results. For example, FTAs such as the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and India-Singapore Comprehensive Economic Cooperation Agreement (CECA) have increased exports in industries like engineering, textiles and gems and promoted IT collaboration. However, FTAs with the Association of South East Asian Nations (Asean), Japan, and South Korea have increased trade deficits driven by cheaper imports from China in sectors such as electronics and textiles. These imports, often rerouted through FTA partners (like Asean), damage domestic manufacturing operations. Consequently, these FTAs risk undermining Make in India. Further, exports are also impacted by a stronger nationalistic ideology in these regions. India's IT sector is positioned to benefit from FTAs, as these could improve market access – especially in territories like the European Union (EU), where relaxing visa requirements could significantly expand service export opportunities. However, other non-tariff barriers, such as EU's regulatory standards (e.g., GDPR compliance) and high import standards create substantial compliance costs. Further, FTAs with open procurement clauses might also expose smaller Indian IT companies to competition from global giants. India has signed 15 FTAs till date and is currently engaged in negotiations with key partners like the US, and the EU. Import surges and increased global competition pose challenges for sensitive sectors, such as agriculture, pharma, and smaller IT companies, necessitating policy adjustments. There is a need for India to align FTAs with our national priorities as FTAs without proper strategic safeguards could run the risk of prioritising imports over domestic production, and increasing dependence on foreign players, which could impede Make in India and Atmanirbhar Bharat. Measures that may be taken include: · Establishing robust review mechanisms such as joint working groups with partner countries, to monitor import surges, non-tariff barriers, and the overall impact of the FTA. · Protecting sensitive sectors like agriculture and small-scale manufacturing from tariff concessions, similar to what India has done in the past, to protect domestic industries. · Investing in research and development to enhance the competitiveness of domestic industries and create a niche for Indian products as a result of increased quality. · Maximising IT benefits through the following: Current government initiatives like the Production-Linked Incentive (PLI) scheme, have significantly contributed to the growth in key sectors like manufacturing and export of smartphones. FTAs can further enhance these policy measures by securing reciprocal market access for Indian IT services, thereby off-setting import pressures. PLI coupled with FTAs can also lead to increased foreign investment in domestic IT sector, thereby enhancing not just the service component of India's IT sector but also the product and software development component. Aligning FTAs with domestic priorities is important for India to maximise its growth potential and establish itself as a leading economic powerhouse. This requires a balanced strategy of openness and resilience, which includes stronger review mechanisms, prioritized reciprocal access, eased professional mobility, fostered technology collaborations, and investments in skills and infrastructure. These efforts will be key to solidifying India's IT leadership and advancing Make in India (for the world). This article is authored by Probir Roy Chowdhury, partner & corporate chair, JSA Advocates and Solicitors.
New Paper
25-04-2025
- Politics
- New Paper
GE2025: PPP takes aim at WP, government policies in first rally
The People's Power Party (PPP) took aim at Singapore's main opposition party WP and several government policies, including the national Covid-19 vaccination drive, at its rally for the general election. At Temasek Junior College in Tampines, PPP secretary-general Goh Meng Seng said WP and its chief Pritam Singh had betrayed voters in Marine Parade-Braddell Heights GRC by not contesting there, resulting in a walkover for the PAP. "I was very angry… because they have abandoned 130,000 voters in Marine Parade. On what good grounds? To come to Tampines for a four-cornered fight?" Denouncing the WP's move as one that "no one in his right mind" would find strategic, Mr Goh was of the view that WP decided to instead contest Tampines GRC to stop the PPP from entering Parliament and raising the issue of vaccine safety. Tampines GRC will see a four-cornered contest in the May 3 election, with the PAP defending the five-member constituency against WP, PPP and the National Solidarity Party (NSP). WP and PPP are first-time challengers in the constituency. Mr Goh had first criticised WP's move not to contest Marine Parade-Braddell Heights on Nomination Day on April 23. Responding to Mr Goh's comments on the morning of April 24, Mr Singh, WP's secretary-general, said: "Mr Goh should focus on the campaign in Tampines." Mr Goh said later at the rally on April 24 that he was moving on to talk about policies. "Don't ask me about Pritam Singh again. I'm not interested in him, I'm not gay." His comment drew laughter from spectators. Clad in the party's light purple, all 10 of the PPP's candidates contesting Tampines and Ang Mo Kio GRCs attended the rally, although only eight of them spoke. Aside from criticising the national Covid-19 vaccination drive, other issues they raised included job insecurity and Singapore's immigration policy. Mr Heng Zheng Dao, 24, PPP's candidate in Ang Mo Kio GRC and the youngest candidate in this election, made the point about people his age being overlooked for jobs as they have to compete with foreigners. The proliferation of artificial intelligence was another worry, he said, citing how self-driving cars might affect the livelihoods of private-hire car drivers and food-delivery riders. Speaking after him were his Ang Mo Kio GRC teammates Thaddeus Thomas, 43, who touched on the cost of living, and Mr William Lim, 47, who spoke about public housing, the India-Singapore Comprehensive Economic Cooperation Agreement and other issues. PPP chairman Derrick Sim, 44, who later rose to speak, said he decided to run as a candidate because he felt there were issues with government policies, such as the Infectious Diseases Act, that needed to be addressed. Mr Sim, a former police officer who is standing in Tampines GRC, said many of his friends had told him that the PPP team would lose its election deposit going up against the WP. But he said he was not "here for the winning or losing". "I do not have political aspirations. I'm here to bring the truth. I serve with only one heart, and to bring this vaccine issue to all of you," he told the crowd. Mr Sim's Tampines GRC teammate, Madam Arbaah Haroun, said she would champion causes such as the high cost of living, the needs of families and job security. Shortly after speaking in English, the entrepreneur switched to Malay, saying that she has known WP vice-chair Faisal Manap for some time and has done charity work with him. Mr Faisal, an incumbent of Aljunied GRC, is leading a WP team to contest Tampines GRC at this election. Despite having to compete against each other, Madam Arbaah and Mr Faisal remain friends, with the competition centred on building Singapore, said Mr Goh. During her speech, Madam Arbaah recited a Malay poem, which she wrote, that took jabs at Social and Family Development Minister Masagos Zulkifli, the anchor minister of the PAP's Tampines GRC team. Landscaping executive Vere Nathan, 26, who is part of PPP's Tampines GRC slate, said the party would speak the truth if elected. "It's about… making sure the people hold the power," he added. Rounding off the rally, Mr Goh challenged Mr Masagos, Mr Faisal and NSP president Reno Fong, who is leading the party's Tampines GRC slate, to a roundtable debate about their respective policies. "We will debate about our policies and this, I promise you, I will do best," he said. Thanking those who turned up for their time, Mr Goh said the party will not lose its election deposit and could even win at the ballot box.
Straits Times
24-04-2025
- Politics
- Straits Times
GE2025: PPP takes aim at WP, government policies in first rally
SINGAPORE - The People's Power Party (PPP) took aim at Singapore's main opposition party WP and several government policies, including the national Covid-19 vaccination drive, at its first election rally for the general election. At Temasek Junior College in Tampines, PPP secretary-general Goh Meng Seng said WP and its chief Pritam Singh had betrayed voters in Marine Parade-Braddell Heights GRC by not contesting there, resulting in a walkover for the PAP. 'I was very angry… because they have abandoned 130,000 voters in Marine Parade. On what good grounds? To come to Tampines for a four-cornered fight?' Denouncing the WP's move as one that 'no one in his right mind' would find strategic, Mr Goh was of the view that WP decided to instead contest Tampines GRC to stop the PPP from entering Parliament and raising the issue of vaccine safety. Tampines GRC will see a four-cornered contest in the May 3 election, with the PAP defending the five-member constituency against WP, PPP and the National Solidarity Party (NSP). WP and PPP are first-time challengers in the constituency. Mr Goh had first criticised WP's move not to contest Marine Parade-Braddell Heights on Nomination Day on April 23. Responding to Mr Goh's comments on the morning of April 24, Mr Singh, WP's secretary-general, said: 'Mr Goh should focus on the campaign in Tampines.' Mr Goh said later at the rally on April 24 that he was moving on to talk about policies. 'Don't ask me about Pritam Singh again. I'm not interested in him, I'm not gay.' His comment drew laughter from spectators. Clad in the party's light purple, all 10 of the PPP's candidates contesting Tampines and Ang Mo Kio GRCs attended the rally, although only eight of them spoke. Aside from criticising the national Covid-19 vaccination drive, other issues they raised included job insecurity and Singapore's immigration policy. Mr Heng Zheng Dao, 24, PPP's candidate in Ang Mo Kio GRC and the youngest candidate in this election, made the point about people his age being overlooked for jobs as they have to compete with foreigners. The proliferation of artificial intelligence was another worry, he said, citing how self-driving cars might affect the livelihoods of private-hire car drivers and food-delivery riders. Speaking after him were his Ang Mo Kio GRC teammates Thaddeus Thomas, 43, who touched on the cost of living, and Mr William Lim, 47, who spoke about public housing, the India-Singapore Comprehensive Economic Cooperation Agreement and other issues. PPP chairman Derrick Sim, 44, who later rose to speak, said he decided to run as a candidate because he felt there were issues with government policies, such as the Infectious Diseases Act, that needed to be addressed. Mr Sim, a former police officer who is standing in Tampines GRC, said many of his friends had told him that the PPP team would lose its election deposit going up against the WP. But he said he was not 'here for the winning or losing'. 'I do not have political aspirations. I'm here to bring the truth. I serve with only one heart, and to bring this vaccine issue to all of you,' he told the crowd. Mr Sim's Tampines GRC teammate, Madam Arbaah Haroun, said she would champion causes such as the high cost of living, the needs of families and job security. Shortly after speaking in English, the entrepreneur switched to Malay, saying that she has known WP vice-chair Faisal Manap for some time and has done charity work with him. Mr Faisal, an incumbent of Aljunied GRC, is leading a WP team to contest Tampines GRC at this election. Despite having to compete against each other, Madam Arbaah and Mr Faisal remain friends, with the competition centred on building Singapore, said Mr Goh. During her speech, Madam Arbaah recited a Malay poem, which she wrote, that took jabs at Social and Family Development Minister Masagos Zulkifli, the anchor minister of the PAP's Tampines GRC team. Landscaping executive Vere Nathan, 26, who is part of PPP's Tampines GRC slate, said the party would speak the truth if elected. 'It's about… making sure the people hold the power,' he added. Rounding off the rally, Mr Goh challenged Mr Masagos, Mr Faisal and NSP president Reno Fong, who is leading the party's Tampines GRC slate, to a roundtable debate about their respective policies. 'We will debate about our policies and this, I promise you, I will do best,' he said. Thankin g those who turned up for their time, Mr Goh said the party will not lose its election deposit and could even win at the ballot box. Join ST's WhatsApp Channel and get the latest news and must-reads.
