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Prime Minister Narendra Modi has proposed an India-ASEAN start-up festival on October 28, 2021.
Highlights
This announcement was made in a virtual meeting of leaders of ASEAN at “18th India-ASEAN Summit”.
On the occasion, PM also called for an early review of ASEAN India Free Trade Agreement (FTA) in goods, which India has been asking for Indian businesses to gain better market access in ASEAN region.
Significance of FTA
ASEAN approval for reviewing FTA is important for India to address the problem of non-tariff barriers that Indian businesses face. India’s trade deficit with ASEAN region has widened since 2010, when FTA was implemented. Thus, to bridge the trade deficit, bloc should initiate some measures.
India-ASEAN start-up festival
India-ASEAN start-up festival was announced as a part of friendship year celebration between India & ASEAN in the year 2022. It was announced outlining the importance of technology & innovation in post covid-19 economic recovery.
With refernce to recently proposed India-ASEAN start-up festival on October 28, 2021 by PM Narendra Modi which of the following statements is/are correct?.
The festival was announced as a part of friendship year celebration between India & ASEAN in the year 2022.
ASEAN approval for reviewing FTA is important for India to address the problem of non-tariff barriers that Indian businesses face.
India’s trade deficit with ASEAN region has widened since 2010, when FTA was implemented.
All are correct
To determine which statements regarding the India-ASEAN start-up festival proposed by PM Narendra Modi on October 28, 2021, are correct, we can analyze each statement:
1. The festival was announced as a part of friendship year celebration between India & ASEAN in the year 2022. - This statement is correct as the India-ASEAN friendship year was celebrated in 2022.
2. ASEAN approval for reviewing FTA is important for India to address the problem of non-tariff barriers that Indian businesses face. - This statement is also correct. The review of the Free Trade Agreement (FTA) with ASEAN can help address non-tariff barriers that hinder trade.
3. India’s trade deficit with ASEAN region has widened since 2010, when FTA was implemented. - This statement is correct as well; India's trade deficit with ASEAN countries has indeed widened over the years since the FTA came into effect.
4. All are correct. - Given that all the individual statements are correct, this statement is also correct.
Thus, the answer is Option 4: All are correct.
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