Trade & Industry organizations of Punjab burn effigies of GoI & Ministers of Commerce against RECP
Author(s): City Air NewsLudhiana, October 19, 2019: To protest against the Regional Comprehensive Economic Partnership (RCEP) to be signed by India with 15 countries, the various trade & industry organizations of Punjab today burn the...
Ludhiana, October 19, 2019: To protest against the Regional Comprehensive Economic Partnership (RCEP) to be signed by India with 15 countries, the various trade & industry organizations of Punjab today burn the effigies of Government of India, & Ministers of Commerce.
The protest was staged under banner of the Joint Forum of All Industries and Trade. The speakers lauded that the Modi government destroyed the industry and economy during their tenures. Earlier the industry was affected due to demonetization and after that the GST played the role of huge sickness in Industry. But this present free trade agreement will close down the 86% industries of India.
The RCEP is a group of 16 countries including India, China, Japan, Australia, South Korea, Brunei, , Cambodia, Indonesia, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Thailand, Vietnam.
If cleared the markets of India will be flooded by Chinese products as the agreement allows supply of custom duty free items, this covers more than 86% of items produced in India and other countries, apprehend the speakers.
India is having the worst trade balance among these countries. Speakers added that the available data of trade clearly states that among 15 partner countries India is having trade imbalance with 12 countries. The net deficit of India in trade with these 12 countries is Rs.7,50,374 crores and India only have a marginal benefit to export to three countries that is Rs.6124 crores.
“Under such circumstances it is clear that after RCEP the trade imbalance from these countries will increase from Rs.7,50 lakh crores to 20 lakh crores as after RCEP the duties on 86% items will be waived off under RCEP”, they said, adding that India is having a huge consumer market of 135 crore population and all these countries are planning to grab this biggest market of the world.
They alleged that under some conspiracy the Modi Government is destroying the economy of India, the data shows that during last two years the India’s import increased from 25,77,675 crores to 35,94,674 crores which means that during last two years India’s imports increased around 10,16,99 Crores. This is one of the main reason of recession in the country, if this 10 Lakh crore material produced by Indian manufacturers, India would have been in better position.
They said the industry of India is already disturbed due to agreements like SAFTA & ASEAN but this RCEP will prove to be a last nail in the coffin of Indian Industries.
Industry leaders said beside industry this pact will also impact the agriculture economy of India and all the farmers associations of India are opposing this Pact.
They said this was a short protest, today it was decided that after Diwali the major protests will be planned against Modi government for RCEP. This will also include hunger strikes.