India is preparing to deal with the adverse impacts of the Trans-Pacific Partnership (TPP), the mega trade agreement which is likely to have an impact on India’s exports in sectors such as pharmaceuticals, textiles and chemicals.
Commerce Minister Nirmala Sitharam has said that the situation is akin to the challenge posed by the 1991 crisis in the economy. In 1991, the government was close to default and foreign exchange reserves had dwindled to the point where India could barely finance three-weeks worth of imports.
Structural adjustments need to be made in the Indian economy in a comprehensive and far-reaching manner. We have to meet a common standard that the government must regulate and we must match expectations. We have to set a standard.Nirmala Sitharam, Commerce Minister
Sitharam was speaking at an event organised by the industry body, Confederation of Indian Industry (CII).
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)