24 July 2023 : The Hindu Editorial Notes PDF
The Hindu Editorial
24-July-2023
Daily Current Affairs For UPSC ,The Hindu Editorial Summary
1. Dilemmas of India’s great power ambitions.
Topic: GS1 – History.
Context:
- Happymon Jacob, a professor at Jawaharlal Nehru University, discusses India’s position as a rising global power and the challenges it faces.
India’s Rising Power Amidst Domestic Challenges:
- India’s growth since 1991: India was weak and impoverished in 1991 with a foreign exchange reserve of $5.8 billion and a nominal GDP of $270.11 billion. It faced geopolitical tensions with Pakistan and the aftermath of the Soviet Union’s collapse.
- Present-day India (2023): India’s foreign exchange reserve has grown to around $600 billion, and it is no longer concerned about war with Pakistan. It is now the world’s fifth-largest economy with a nominal GDP approaching $4 trillion. India has a significant military, including nuclear capabilities, and enjoys strong relations with various powerful countries globally.
- India’s role in world politics: India is considered a pivotal swing power and often plays both sides in international politics. It has garnered attention during the Ukraine crisis, with calls for India to mediate between Ukraine and Russia.
- Challenges and limitations: Despite its economic growth, India faces infrastructural and governance issues. Poverty, regional divisions, and domestic challenges divert attention from foreign and security policy. The weak economy limits India’s resource allocation to foreign policy objectives.
What steps can India take:
- Embracing global influence: India’s domestic limitations may moderate its influence, but ignoring global consequences would be unwise. India must shape the global order to meet its foreign policy objectives, considering its economic growth, security, and geopolitical interests.
- Rule shaper vs. rule taker: India should actively engage in shaping the global order instead of being a passive observer. Its impact on the world order is significant, and its global engagement should align with the well-being of its people.
- Strategic autarky and assertiveness: Strategic autarky (isolation) is not an option for India, and its assertiveness on the global stage is not about nationalistic hubris but an essential aspect of its foreign policy.
- India’s global influence and domestic context: India’s ability to influence international politics must be balanced with its domestic context, prioritizing the well-being of its people.
Model question: Discuss India’s evolving role as a global power, and the challenges it faces domestically. Analyze the implications of India’s foreign policy objectives, its impact on the world order, and the importance of balancing global influence with addressing domestic concerns.
2. Shrinking trade volumes pose a risk for this year’s growth hopes
Topic: GS3 – Indian economy.
Context:
- Reduced trade volumes present a potential threat to the growth expectations for the current year.
Present trade scenario:
- India’s exports reached a record $775 billion in 2022-23 but have faced a rocky start this year.
- Outbound shipments of goods contracted by 15.1% in the April to June 2023 quarter, with June’s provisional export tally showing a 22% drop year-on-year.
- Imports also declined by 12.7% in the first quarter, primarily driven by lower commodity prices compared to the previous year’s quarter.
- Services exports are growing at a slower pace, particularly in the IT sector, which is showing signs of uncertainty in earnings guidance.
- Frail global demand may impact trade flows and foreign direct investments, while tightening monetary policies could increase financial market volatility.
Reasons for shrinking trade volumes:
- Global Economic Slowdown: A general slowdown in the global economy can lead to reduced demand for goods and services, impacting export volumes.
- COVID-19 Pandemic: Ongoing effects of the COVID-19 pandemic can disrupt supply chains, hinder production, and dampen consumer demand, affecting both exports and imports.
- Geopolitical Tensions: Trade disputes or geopolitical conflicts can create uncertainties and hinder trade relations between countries.
- Fluctuating Commodity Prices: Changes in commodity prices can affect the overall value of trade, impacting both exports and imports.
- Currency Fluctuations: Exchange rate fluctuations can impact the competitiveness of a country’s exports and affect the cost of imports.
- Trade Restrictions: The imposition of trade barriers, tariffs, or other restrictions can hinder the flow of goods and services between countries.
- Domestic Economic Factors: Weak domestic demand or economic challenges within a country can reduce import volumes and impact overall trade.
Model question: What are the key reasons for the recent decline in India’s trade volumes? Discuss the impact of global economic factors, the COVID-19 pandemic, and domestic challenges on India’s exports and imports.
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