Rise and Rise of Protectionism
Today the primary reason why the global economic growth is at a thwarted state, is due to the rise of protectionism. It is potentially affecting the entire economic sentiment and this is forecasted by the market analysts to further intensify with the ongoing Trade war between US and China and others. Speaking from India’s perspective, the US protectionist strategy has definitely affected the Indian labour markets as well. This is mainly because, as maximum products exported under the Generalised System of Preferences (GSP) comprise of the micro, small and medium enterprises which are all labour-intensive sectors. Repeatedly, there is external shock witnessed relating to imminent withdrawal of duty-free access to US markets and this is a huge cause of concern for the Indian economy. In spite of positive prospects, the export sectors of India are unable to compete with the other nations globally due to the jitters caused by the external shocks prevailing in the market. The Prime