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Jingoism In Trade

 


If you search "Jingoism" on Google, it says - "Jingoism is a form of extreme patriotism", or, in simple words, we can say creating warlike foreign policies to hurt your enemy country.

Ex-US President Mr. Donald Trump was famous for the Jingoistic approach. A recent example was when he announced many restrictions on the free import of various goods, issuing Visa to foreign nationals and foreign skilled IT professionals seeking employment in the USA.

The Indian government is also now using the jingoistic approach by blocking Chinese apps from its huge domestic market to strike back against China amid a tense border standoff.

But the question is whether jingoism is good for the long run or not. Well, that depends on situation but, for all the best deals that we are consuming or using, we are highly dependent on each other. One person can be the best in only one thing. A writer can be best in writing only. A sales agent can be best in selling only. A teacher teaches, and a web developer makes websites. And despite our limited skill set and unique expertise, we can still access a wide variety of resources and live a fulfilling life thanks to the principle of exchange and globalization. Money and trade bridge the gap between what we can produce and what we can consume.

As we know, India is majorly dependent on imports for crude oil. Can we drill crude oil in our country? The answer is NO. These are challenging tasks, almost impossible to execute. In short, we are dependent on each other, and these dependencies are not just restricted to national borders.

Cheap smartphones from Chinese companies have dominated the Indian market because consumers have often prioritized "price plus quality" above all else. Last year, it only took fifteen minutes for Xiaomi's smartphone, Redmi Note 9, to sell out once it went on a "flash sale." And competition from Chinese phone makers has forced Indian smartphone companies to cut prices and boost smartphone penetration in India. In 2015 we had close to 220 million smartphone users. By 2019, this number had almost doubled (Data has been taken from Google search).

But that does not mean we should not reduce interdependencies at all. If reducing interdependencies can provide the necessary opportunities for local manufacturing to compete with imports, then it is something we should pursue vigorously. However, the approach we adopt to pursue this end goal ought to be meaningful. For the last few weeks, there' has been a lot of efforts to boycott Chinese products. And truth be told, I share these sentiments. In the face of Chinese aggression, people feel that this is the time to act. To revolt. But do not you think it's a very conventional approach to counter China since we are only damaging our foreign relations, and it is also not feasible in the long run.

Government's Take On This - 

The Indian government set aside ₹40,000 crores to incentivize local and global electronic manufacturers to Make in India only in June this year. The government has also started the concept of "Self-Reliant India." They also set aside another ₹15,000 crores to incentivize manufacturers to source and produce raw materials for pharmaceutical drugs. This is how we can reduce dependencies with China instead of boycotting the apps.

Strong policies and incentive programs can help us reduce interdependencies. It is a time-tested principle, and it is economically feasible. So, if we want to hurt our neighboring countries, especially China and Pakistan, let us get behind policymaking and scrutinize the incentive programs. That is how we can contribute to nation-building.

But what do you guys think? let us know in the comments section below.

-Yogendra Shukla


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