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BUDDHA ACADEMY TIKAMGARH (MP) || ☺ || CPCT & MP High Court

created Dec 8th 2018, 13:10 by AnujGupta1610


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396 words
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On November 21, the price of crude crashed. It recovered slightly, but there was considerable ferment in markets. Energy and finance experts don't like to be told that energy price rises give a pass for most corporates, but a number of studies have shown that a fall in crude prices is generally not passed on to the consumer. Economists call this the ratchet effect in the sense that there is asymmetry in the impact of falling, as compared to rising prices of something as important as fuel. But while prices may be sticky on this count, India is a crude short economy and these events do reflect on the bottom line.
 
Two days before the crude price fell, Commerce Minister Suresh Prabhu declared that "Old issues at the WTO cannot be forgotten new ones to be addressed too" (emphasis added). The honourable minister, with this single declaration at the conference on "Strategic Alliance for WTO and Trade Remedies Law and Practice", organised by FICCI and Lakshmikumaran & Sridharan, give up on behalf of the Government of India a position that India has fought for decades for its farmers and for food subsidies to its poor. Interestingly, the minister aligned himself and our country with the interest of the corporate sector and its substantial links with multinationals and global financing agencies. He also hit a blow on India’s leadership of the developing countries on this issue. I am not generally prone to strong language, but the occasion demands a stand.
 
In 2018, India has rapidly modified a position it had held for decades in the agricultural globalisation debates. The 11th Ministerial Conference of the WTO was held at Buenos Aires in Argentina from December 10-13, 2017. PTI reported that the US administration informed the US Congress that India blocked a Ministerial Declaration at that conference taking a firm stand on special and differential treatment. But in March end 2018, Prabhu did give an indication of what was underway, when he reportedly said 'While some of the new issues being raised by others may also be of relevance to India, existing issues such as agriculture are critical livelihood issues which are extremely important for India.' (emphasis added). But now this is official. With this statement, India changed a policy stand taken for more than two decades. To explain the move, it is necessary to go back in time.

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