B.Com Ist Year World Trade Organisation Question Answer Notes
(8) Easy Market Access: Being a member of WTO, India can sell its goods in the markets of developed countries. Reduduction in agricultural subsidy and reduction in tariff barriers will increase the competitive power of Indian industries.
UNFAVOURABLE EFFECT OF WTO ON INDIAN ECONOMY STUDY MATERIAL NOTES
However, some economists are of the opinion that India’s gain he WTO regime would be far below than those expectations
- Threat to Agriculture : If the provisions of TRIPS tent are also extended to Indian agriculture (e.g., in the fields. ant breeding, production of high-yielding varieties of TRIPS Agreement are also extended to Indian agriculture (e.g., in the fields. Of plant breeding, production of high-yielding varieties of seeds and the development of biotechnology through patenting micro-organisms like bacteria, virus, fungus, algae, etc.) then MNCs would take its advantage because they have the capability to spend
huge amount of money in research and development for new varieties of seeds, plants, etc.
(2) Burden of Royalty : India have to pay huge amount royalty for the use of patents, trademarks and copyright prove a drain on the foreign exchange reserves of the da countries, adversely affecting their balance of payment Position.
(3) Bad Effect on Domestic Industries: Domestic industria will have to face stiff competition with the multinational of developed countries. It affect the Indian industries adversely.
(4) Loss by General Agreement on Trade in Service Free trade in services is bound to benefit the developed on much more than the developing countries like India. The Bar sector in most of the developing countries are in an incipient and its progress will now be throlled under the new agreement
(5) Adverse Impact on Research and Development. This agreement would produce adverse impact on research and develon ment. In India research has been mainly concentrated on proceso technologies especially in the area of drugs and pharmaceuticals This agreement does not allow the patenting of an alternative tech nology to the development of an already patented product. This slowed down the rate of innovation in the country.
(6) Rise in the Prices of Medicines : Under the new patent regime, the system of product patent would lead to rise in the prices of medicines. The patent holder would be able to exploit Indian markets by transferring medicines, as imports have been given the same patent right as the domestic product. There will be no check on import of patented medicines and these will be sold out on higher transfer price.
(7) Doubt on the Increase of Exports: Improvement in ex port trade also requires improvement in infrastructural facilities for producing exportable items, improvement in quality control, better technology, greater attention to research and development, efe bu India suffers from the inadequacy of those facilities in export for and mere trade liberalisation is not supposed to generate suas tial boost to her export earnings.
Short Answer Questions
Q.1. “Write the main objectives of W.T.O.
Ans. See Page 150 adn 151.
Q.2. How India get benefitted through the mem
W.T.O.
Ans. See Page 152 and 153.
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