India decides not to join mega RCEP trade deal as key concerns not addressed

randomradio

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Lol. Currently I am paying taxes on my Indian income to US and California government !!

Are you an NRI or an American citizen? 'Cause the latter has to pay taxes to the USG on global income.

NRI has to pay taxes on Indian earnings to Indian govt and foreign earnings to foreign govt.
 

_Anonymous_

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Guynextdoor

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Nilesh Shah (@NileshShah68) Tweeted:
We must have done something right in abandoning RCEP, as all the " Friends" are calling it a historical blunder.
- Free trade but not Free Visa
- $ 58 billion trade deficit with China but no balancing
- Transparency at your end but not on our side
India makes historic blunder in abandoning RCEP trade deal ( )

The countries that signed this are chicken $hits who can't stand up to china. Chinese goods are already flooding their markets, you just have to visit them some time and they have no way to balance it.
 
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vstol Jockey

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From the very begining I had my reservations about RCEP and I had written about it here also. Thank god for giving better sense to Modi. We will do very well by staying out of it. RCEP will benefit China the most followed by smaller nations with small populations. For India it would have been an unmitigated disaster.
 

randomradio

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Nov 30, 2017
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India
Nilesh Shah (@NileshShah68) Tweeted:
We must have done something right in abandoning RCEP, as all the " Friends" are calling it a historical blunder.
- Free trade but not Free Visa
- $ 58 billion trade deficit with China but no balancing
- Transparency at your end but not on our side
India makes historic blunder in abandoning RCEP trade deal ( )

The article borders on being the mouthpiece of vested interests.

He says that joining RCEP wouldn't have made much of a difference to India, which is hilarious. Any emerging market that signs an FTA with China is gonna be a basket case in the future.
 
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randomradio

Senior Member
Nov 30, 2017
9,107
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India
From the very begining I had my reservations about RCEP and I had written about it here also. Thank god for giving better sense to Modi. We will do very well by staying out of it. RCEP will benefit China the most followed by smaller nations with small populations. For India it would have been an unmitigated disaster.

Yep. We have FTAs with Japan, SK and ASEAN. We need to work on FTAs with Aus and NZ. We don't need to open up our market to China without concessions, and RCEP does not allow China to give those concessions, so there's no point.

We should use the WTO to push for concessions in our favour.
 

STEPHEN COHEN

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India is a Democracy AND will remain a Democracy

Those who talk of REFORMS should see the FUN very soon when Government starts
Privatising BPCL and AIR India
 

Bali78

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Dec 26, 2017
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Are you an NRI or an American citizen? 'Cause the latter has to pay taxes to the USG on global income.

NRI has to pay taxes on Indian earnings to Indian govt and foreign earnings to foreign govt.
All resident aliens in US have to pay taxes on global income. I don’t need to pay taxes to Indian govt on my Indian income due to avoidance of double taxation treaty.
 

STEPHEN COHEN

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Dec 4, 2017
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INCREMENTAL reform is much better than Laying out the RED carpet for Anarchist forces in the country

It is very easy to LABEL a Govt as
ANTI poor , Pro Rich , Anti Worker, Pro Capitalist

Talk about Reforms when we are able to
get rid of BSNL and MTNL

Every person in this Country has a POLITICAL leaning , An ideological leaning

There are ALL kinds of Entrenched Groups and Vested Interests

Balancing Everything is not easy

Mis steps by the Government costs it heavily in terms of Political Good will And Political Capital
 

Guynextdoor

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Dec 19, 2017
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INCREMENTAL reform is much better than Laying out the RED carpet for Anarchist forces in the country

It is very easy to LABEL a Govt as
ANTI poor , Pro Rich , Anti Worker, Pro Capitalist

Talk about Reforms when we are able to
get rid of BSNL and MTNL

Every person in this Country has a POLITICAL leaning , An ideological leaning

There are ALL kinds of Entrenched Groups and Vested Interests

Balancing Everything is not easy

Mis steps by the Government costs it heavily in terms of Political Good will And Political Capital

ok. Basically Modi doesn't know how to do his job and is a poor leader.
 

randomradio

Senior Member
Nov 30, 2017
9,107
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India
All resident aliens in US have to pay taxes on global income. I don’t need to pay taxes to Indian govt on my Indian income due to avoidance of double taxation treaty.

Okay, yeah. I guess NRIs of some countries have to pay taxes to the country of residence. Gotta bring all citizens into our tax net.
 

vstol Jockey

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I am about a closed economy. We must not import anything which we can produce ourselves in India. Only very essential imports should be allowed and for that too we must choose only those nations which do reciprocal trade with us. Why must we import Candles and Diyas? Let us give same duty concession to our own people. The loss of revenue will be greatly offset by the jobs people will have and by the market we will have. We are a huge nation and also one of the biggest markets due to our large middle class. World needs our market but we need jobs for our people. These FTAs help other nations and take away jobs from our own people. You can argue about lack of competition and return to the days when an Ambassador car had different models by just changing the shape of headlights. But we need to go back to a closed economy. I am also against free float of INR. China till date does not have it. They determine the exchange ratio. We did it in our bad days, now we are much bigger economy and we must revert back to early 90s.
Lastly, china imports from us only the essential items like ore and nothing else. Not even vegetables while we have chinese onions in India and chinese rice.
 

Sathya

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Dec 2, 2017
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India
I am about a closed economy. We must not import anything which we can produce ourselves in India. Only very essential imports should be allowed and for that too we must choose only those nations which do reciprocal trade with us. Why must we import Candles and Diyas? Let us give same duty concession to our own people. The loss of revenue will be greatly offset by the jobs people will have and by the market we will have. We are a huge nation and also one of the biggest markets due to our large middle class. World needs our market but we need jobs for our people. These FTAs help other nations and take away jobs from our own people. You can argue about lack of competition and return to the days when an Ambassador car had different models by just changing the shape of headlights. But we need to go back to a closed economy. I am also against free float of INR. China till date does not have it. They determine the exchange ratio. We did it in our bad days, now we are much bigger economy and we must revert back to early 90s.
Lastly, china imports from us only the essential items like ore and nothing else. Not even vegetables while we have chinese onions in India and chinese rice.

Spinning mills in Coimbatore went for huge loss since last month.
Reason - cheap import from Chinese mills.

For all we know china could buy cotton from Pakistan and sell the yarn in India.
 

vstol Jockey

Professional
Dec 1, 2017
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New Delhi
Spinning mills in Coimbatore went for huge loss since last month.
Reason - cheap import from Chinese mills.

For all we know china could buy cotton from Pakistan and sell the yarn in India.
Thats the reason I say that we must become a closed economy the way we were in 18th century when we had 25% of the world GDP. The hardest Hit will be china and ASEAN tigers.
 
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_Anonymous_

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