Sunday, August 10, 2025
Is it possible?
"Today, eight of the top ten companies remain American, while only Aramco and Taiwan Semiconductor Manufacturing Company (TSMC) break ranks." "The seven tech-firms among the top ten alone have a market cap of $17.4 trillion, which would rise to $19.8 trillion if e-commerce giant Amazon is included among them." "Even in the larger top 100 companies by market capitalisation, the US remains way ahead accounting for 58, followed by China with 11 companies as of March 31, 2025." HT. On 6 August, "US President Donald Trump has imposed 50% tariff on Indian imports," "The highest imposed by Washington on any trading partner." NDTV. "India's exports to the US increased from $53 billion in 2019-20 to $87 billion in 2024-25." "Almost 40% of the increase during this period is just electronics, 32% (10.6 billion) is just telecom instruments, a large part of which is likely to be iPhones made in India." India also gains from pharmaceuticals, remittances and services trade," wrote Roshan Kishore. On 6 May, India and the UK signed the India-United Kingdom Comprehensive and Economic Trade Agreement (CETA) (wikipedia) so that, "Average tariffs for UK exports to India will drop from 15% to 3%," while "The two nations also continue to discuss UK plans for a tax on high-carbon industries, which India believes could hit its exports unfairly." BBC. However, "India has given deeper access to its government procurement market to the UK than it conceded to the UAE in its free trade agreement (FTA) with it." So, "it is likely to face even deeper concessions in outgoing trade talks with the EU and possibly the US," wrote Abhijit Das. In 2022, India overtook the UK to become the fifth largest economy in the world (TOI) and the UK also has a tiny population of around 70 million people (worldometer), whereas the European Union is a bloc of 27 countries (Britannica) and has a GDP of over $19 trillion in 2024 (World Bank). The US is the world's biggest economy with a GDP of over $29 trillion in 2024, (World Bank) and consumer spending over $16.350 trillion in the second quarter of 2025 (Trading Economics). They would therefore be enormous markets, but also very tough negotiators, for India. To protect itself from sanctions India needs to develop " 'crown jewel' capabilities (aero-engines, quantum computing, 5th/6th generation combat aircraft)." "A proven model already exists, in the form of Project ATV (Advanced Technology Vessel). For four decades, this ultra-secretive national program to develop a nuclear submarine (SSBN) was run directly under PMO (Prime Minister's Office)," wrote Somnath Mukherjee. India has already manufactured nuclear-powered ballistic missile submarines. wikipedia. Akshat Shrivastava has listed 10 problems holding us back. BT. All of these are due to poor governance which is due to an administration focused only on winning elections. If it loses an election all its wrongdoing will be exposed. The government cannot risk that. So, status quo.
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