Washington: Amidst coronavirus, the economic topsy-turvy has resulted in a significant introduction of several relief packages to ensure the growth and resolution of ‘Atmanirbhar Bharat’ or ‘Self-reliant India’ in the post lockdown phase. Prime Minister Narendra Modi has emphasized the idea of locally handmade products inspired by the Father of Nation, Mahatma Gandhi. This would bring down the cost of the product making it available for the commoners.
The USA has suggested the Indian economy to adopt some major economic reforms in order to open some vibrant economic policy that would benefit both the nations. The outbreak of coronavirus has devastated the economy and new policies are ought to be introduced to grab the attention of the foreign economy. Since various nations are hinting at the pulling out of some investment from China, inkling ‘a golden opportunity for India’ that would add another feather in the cap of the Indian economy.
The Principal Deputy Assistant Secretary of State for South and Central Asian Affairs, Alice Wells stated that the USA is introduced to trade with India. But India must consider bringing down the tariff that would allow manufacturing companies to establish its business in India however, India must contemplate lessening the dependence of the global supply chain on China. She established that improvising business relations with India would provide a win-win situation to both the nations.
The majority of the nation would opt for an alter-globalisation movement for a certain amount of time in the post-pandemic period. Simultaneously, many nations are working out to diversify their supply chains. The sharp differences between the two nations led to unsuccessful business trade. However, with the reconsideration of some economic major reforms, both the nation would enjoy the benefit in the forthcoming years.
India has been a constant support to the USA on various occasions. The economic reforms to benefit both nations are yet to be seen.