Bandh originally a Hindi word meaning ‘closed’ is part of English Dictionary now. Bandh is a form of protest used by political activists, resulting in general strike which usually lasts for a day. Bandh disrupts normal life and affects millions of people who are daily wage laborers, shops and almost all the people from every walk of life. Since public transport is cancelled people are forced to remain indoors. People cannot reach hospitals on time resulting in even loss of life. Shops are generally closed out of fear of violence. Educational institutes and offices are closed due to fear of violence and damage to property. Economy is affected due to huge financial loss.

Though Supreme Court has banned bandh and had made bandhs illegal, its not followed or enforced by Government when a bandh is called in any state or the whole nation. Bandh is termed peaceful if there had not been any violence but has left common man suffering from its ill effects. Many resort to violence and damage public and private property during bandh. Political parties and any other organization calling for bandh should find another means to protest without disrupting general public. Government should enforce the law and adhere to Supreme Court ruling at any cost. Everyone should be educated on the loss of time and money to the nation when a bandh is called for. It’s usually lack of knowledge which leads people to do such acts. And public should not consider bandh as a paid holiday and voice their protest in some other form other than calling for another ‘bandh’.

After the setback that the fashion industry suffered because of the slowdown in global trade, the textile and apparel industry in India is in focus once again. However, this time it is good news. It has been estimated that the foreign investment in India’s apparel industry is growing rapidly. In the near future, it has been estimated that the foreign investments will grow at a more rapid rate.

Right now, the apparel exports are valued at about $22 billion. However, in the next one year, the exports are predicted to rise four fold. Since the European Union and the United States of America are the major buyers from India, as soon as their economies get back on their feet, some action may be seen in the Indian apparel industry.

This increased attention from the foreign buyers will help the textile industry create more jobs. This will also present an interesting opportunity for the sector to upgrade the technology and increase production. Overall, it will allow India to have about 4% share in the world clothing and apparel trade.

Today, the apparel industry is valued at about $40 billion. The aim is to increase this net value while also increasing the growth rate which is estimated to be 14% annually right now.

Through its Foreign Trade Policy (FTP), India has attempted to adopt a middle approach between total conservatism and completely free economy. The prime focus has been to support domestic trade, integration with the global economy, adapt with the changing scenarios, and provide growth impetus to the Indian economy as a whole.

The process of liberalisation began in the 1990s, which relieved the economy of many of its woes, like prevalent tariffs that exceeded 200%, trade restrictions, rigid licensing policies, and import restrictions, to mention some. Currently, India has various bilateral and preferential trade agreements, some of which are operational, while the others are in the different stages of finalisation. These agreements are spread across Southeast Asian nations, Afghanistan, Chile, Brazil, Argentina, and so on.

India’s continuing FTP provides various duty (e.g. import duty on key inputs) exemptions to the export oriented units (EOUs), pre-shipping credits, tax holidays for EOUs, etc. On August 27, 2009, India announced its Foreign Trade Policy 2009-14. Agriculture, handicraft, gems & jewellery, handlooms, and leather sectors will receive special incentives as focus areas to help India double its percentage in global trade in the next five years. It will also aid in creating more employment opportunities. Export target for 2010-11 is slated at USD 200 billion. The new FTP also includes 26 new regions under the Focus Market Scheme. However, experts argue that the FTP should become more FDI-savvy (Foreign Direct Investments) as an effective measure to boost Indian export capabilities. The country should learn from China, where FDI led units have been its major exports drivers.

India has been shining bright on the world map however, the conditions in the rural areas of the country can still only be described as abysmal. While people in the urban areas enjoy world class facilities, almost 73% of rural India is yet to get access to formal avenues of financial credit. As a result of this, even today many in the rural parts of the country still fall prey to the archaic money lending system where the interest rates are extremely unreasonable.

Banks continue to play an increasingly vital role in paving India’s path to becoming an Asian superpower. However, there needs to be presence of these formal sources of credit in the rural parts of the country so that the poor are able to free themselves from the vicious circle of interest and repayment of the principal.