WTO and India – Agreements and Arguments

The establishment of the WTO – which is celebrating its 20th anniversary in 2015 – was a “dream comes true” for international economists and policymakers. It ushered in the era of modern globalisation. The WTO though its Principles and Agreements has been significantly influencing the global business environment it aslo has the domestic business environment in the member-countries. India, one of the founder-members of the WTO has had to substantially liberalise her imports paving the way for increasing competition for domestic firms, mainly by the MNCs. India, a less developed agrarian economy has many challenges to face post WTO. Liberalisation comes with a cost for man-in-environment. This paper examines some of the gains and pains of India as far as WTO is concerned. It suggests “managed globalisation” rather than anti-globalisation per se