When considering India’s free trade agreements, it is evident that although the country’s exports have grown by about 31%, its imports have soared by over 82%, and even the FTA usage rate is quite low, at only 25%, compared to the 70–80% range in wealthy countries, observe Srijani Mukherjee and Jithin P, senior faculties at Department of Economics and Public Policy, Indian Institute of Management Raipur.
Are these highly ambitious Free Trade Agreements (FTAs) worth a shot or will these FTAs pave the way for India in the global market? If we look at the history of trade, throughout the evolution from a barter economy to the modern economic system, the fundamental objective of trade has persisted: the pursuit of gain. However, whether both parties are on the gaining side or the benefits solely go into the pocket of those in power remains unresolved.
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