Jammu and Kashmir's Baramulla Lok Sabha constituency, which was once militancy-infested, recorded its highest-ever voter turnout on Monday. Polling booths in many parts of Mumbai witnessed brisk voting as soon as the polling began at 7 am on Monday in the six Lok Sabha constituencies here. Watch in for more details!

India General Election 2024: Phase 5 witnesses record high, record low turnou

A political row that has erupted after BJP leader Sambit Patra referred to Lord Jagganath as a devotee of Prime Minister Narendra Modi. Patra who is also the BJP candidate from Odisha's Puri constituency made this remark during PM Modi's road show in Puri.

India General Elections: Can Sambit Patra's gaffe cost him an election win?

Scientists studying glaciers in Antarctica have made a gravely concerning discovery. Thwaites, known colloquially as the doomsday glacier, seems to be losing glacial mass quicker than previous projections. The implications spell climate catastrophe worse than we have anticipated.

Global Warming: Thwaites 'doomsday' glacier melting quicker than expected

Prashant Pitti, Co-Founder, EaseMyTrip shares his perspective on the entrepreneurial spirit flourishing in India. For more details, visit insight2024.in.

Travel industry is going to flourish in the upcoming years | Prashant Pitti

Bhuvan Rustagi, Co-Founder & COO, Per Annum & Lendbox shares his views on India attracting foreign investments over the next two decades. For more details, visit insight2024.in.

Digitization to lead at the forefront of India’s economy | Bhuvan Rustagi

D.P. Singh, Deputy Managing Director and Joint CEO, SBI Mutual Fund shares his perspective on the various factors that will surely make India a developed country by 2047.

More companies are entering the public domain | D.P. Singh

Here, we bring you the news that is trending across WION's social media platforms- A 12-year-old girl from India's southern Bengaluru city had to undergo gastrointestinal surgery after consuming a 'smoky paan' containing liquid nitrogen, as per media reports. She initially experienced severe stomach pain, which led to the discovery of a hole in her stomach. She had tried the 'smoky paan,' intrigued by seeing others exhale smoke after eating it.

12 year old goes under surgery after 'smoky paan' leaves hole in stomach

Finally, the Indian national flag is being flown at half-mast at all public buildings across the country. As a mark of respect for Iranian President Ebrahim Raisi who was killed in a helicopter crash on Sunday. Prime Minister Narendra Modi was among the first global leaders to take to social media to offer his condolences to the family of RI and affirm his support for Iran.

Indian flag flies half-mast as nation mourns President Raisi's death

The anti-narcotics division of the Karnataka police have arrested five people after raiding a rave party organized at a farmhouse on the outskirts of IT capital Bengaluru. Watch in for more details!

India: Rave party busted in Bengaluru; hard drugs, 5 mobile phones, ammunition seized

In the pollnomics section today, we dive into the current government's reform programmes and macro financial stability. This next report seeks to understand the ruling party's economic policies aimed at financial stability and more.

India General Election 2024: Will India become manufacturing hub?

Amid the speculations surrounding MS Dhoni's future in the Indian Premier League (IPL), Chennai Super Kings (CSK) CEO Kasi Viswanathan has provided an update. Dhoni did not hint at his potential retirement following CSK's last match of the season against Royal Challengers Bengaluru (RCB), leading to specuation that he was planning to come back for one last hurrah.

Amid the speculations surrounding MS Dhoni's future in the Indian Premier League (IPL), Chennai Super Kings (CSK) CEO Kasi Viswanathan has provided an update. Dhoni did not hint at his potential retirement following CSK's last match of the season against Royal Challengers Bengaluru (RCB), leading to specuation that he was planning to come back for one last hurrah. Viswanathan said there had not been "any discussions" regarding Dhoni's future so far, and that the former CSK captain would inform them about his decision at the right time. “There were no discussions in the dressing room about it. We have never asked him about his future and neither has he said anything about it. When he takes a decision, he will inform us, until then we will not interfere," Viswanathan told The Indian Express newspaper. CSK have to make the tough call on players it wants to hold onto ahead of the mega auctions planned by the BCCI. Since Dhoni is a luxury squad player at this stage in his career, retaining him will be a high risk for the franchise. If BCCI changes the retention rules and increases the number of players a club can retain, it could possibly influence Dhoni's decision as to whether or not to come back to play for the cricket-loving Chennai crowd. Dhoni's former CSK teammate Ambati Rayudu has already stated that 'Thala' would be coming back for the 2025 season. “I don’t think this is his last game. I just don’t see him wanting to end on this note,” Rayudu said on Star Sports. “With the impact player role as well, it gives him the opportunity to be able to come in those last few overs and truly make that impact," said Rayudu. “BCCI better not remove the impact player role because we still want to see MS Dhoni play. So, it’s up to BCCI now. Do we want to see MS Dhoni play or not,” he added. Also read | IPL 2024: ‘We have seen the last of MS...,’ Dhoni to retire? Here’s what former CSK batter says Dhoni on his future Dhoni is a five-time champion with CSK, having led the franchise since its inception till this year when he handed the captaincy armband to Ruturaj Gaikwad. Quizzed last year about his retirement after CSK won the final against Gujarat Titans, Dhoni said he wanted to come back for the fans one more time. Subsequently, Dhoni underwent a knee surgery and despite playing no professional cricket since then, managed to be one of the most dangerous death-over batters in the league. If CSK had advanced to the playoffs, Dhoni could have played in front of the home crowd in Chepauk yet again as Qualifier 2 and the final are scheduled to take place in Chennai. (With inputs from agencies)

'We never asked...': Chennai Super Kings on MS Dhoni's retirement speculations

Vikram Chandra, WION and Anil Singhvi, Zee Business in conversation with Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India and Vikram Pawah, President & CEO, BMW Group India on 'Accelerating Progress - Mapping the Evolution of India's Automotive Landscape'.

Mapping the Evolution of India's Automotive Landscape | Shashank Srivastava & Vikram Pawah

Retired Director General of Police (DGP) Rajesh Das found himself 'powerless' when the electricity to his bungalow in Thaiyur in the south Indian state of Tamil Nadu was abruptly cut off on Monday (May 20).

This action was taken at the behest of his ex-wife, Beela Venkatesan, who currently serves as the state's energy secretary.

Das reportedly levelled allegations against his ex-wife of misusing her official position and in his defence said that it is illegal to disconnect electricity to a house where there is an occupant.

He claimed that there was neither default in payments nor any dues and the incident was merely a "gross abuse of power." However, Venkatesan dismissed these claims.

For her part, the energy secretary&nbsp;asserted her right to disconnect the power as the service connection was in her name, and the house was built with a joint loan.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/12-year-old-undergoes-emergency-surgery-after-smoky-paan-leaves-hole-in-her-stomach-723822">12-year-old undergoes emergency surgery after 'smoky paan' leaves hole in her stomach</a>

"There was no one in the house for the last three months and I did not want to spend unnecessarily on the electricity bill," she said.

"The occupant was given enough time to provide a document of proof in the absence of which Tangedco personnel have done their duty."

The incident came to light on Sunday (May 19) when two Tamil Nadu Generation and Distribution Corporation (Tangedco) personnel attempted to disconnect the power but left after Das opposed the move.

They returned on Monday&nbsp;with a written request from Venkatesan, leading to the disconnection.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/pune-porsche-crash-police-arrests-teen-drivers-father-family-of-victims-calls-it-murder-723795">Pune Porsche Crash: Police arrests teen driver's father, family of victims calls it 'murder'</a>

Das contended, “If Tangedco has to disconnect the power supply to the house, they should seek my opinion in writing before carrying out the procedure since I have been staying here. There are no pending dues, nor a court order for disconnection. Even if the landlord wants power supply cut to the premises, Tangedco cannot do so when someone is staying there. But they climbed the pole outside the building and disconnected the power supply. It is a gross abuse of power."

Tangedco officials stated that Das was asked to provide proof of residence or a letter indicating his stay on the premises but he refused. “He did not allow us to disconnect the metre inside the premises, so we had to disconnect the service from the nearby overhead line,” explained one official.

<h2>SC stays Das' arrest in sexual&nbsp;harassment case&nbsp;</h2>

The retired police officer is no stranger to controversy. A trial court in Villupuram in 2023 convicted Rajesh Das of sexually harassing a female IPS officer who was under his supervision.&nbsp;

Das, in April this year, approached the Madras High Court requesting suspension of his sentence and exemption from surrendering to the trial court.&nbsp;

Watch |&nbsp;<a href="https://www.wionews.com/videos/india-imd-issues-severe-heat-wave-alert-723828">India: IMD issues severe heat wave alert</a>

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“How fair is it for the petitioner to claim a privilege and say that he will not go to prison even for a day? Isn’t it audacious? Everyone is equal before this court. Why should special treatment be given to this petitioner?” the Madras HC had reportedly said. Both requests were denied.

However, on May 17, the Supreme Court granted an interim stay on his arrest while considering his appeal against the High Court's decision.

(With inputs from agencies)

Retired Director General of Police (DGP) Rajesh Das found himself 'powerless' when the electricity to his bungalow in Thaiyur in the south Indian state of Tamil Nadu was abruptly cut off on Monday (May 20).

Retired Director General of Police (DGP) Rajesh Das found himself 'powerless' when the electricity to his bungalow in Thaiyur in the south Indian state of Tamil Nadu was abruptly cut off on Monday (May 20). This action was taken at the behest of his ex-wife, Beela Venkatesan, who currently serves as the state's energy secretary. Das reportedly levelled allegations against his ex-wife of misusing her official position and in his defence said that it is illegal to disconnect electricity to a house where there is an occupant. He claimed that there was neither default in payments nor any dues and the incident was merely a "gross abuse of power." However, Venkatesan dismissed these claims. For her part, the energy secretary asserted her right to disconnect the power as the service connection was in her name, and the house was built with a joint loan. Also Read | 12-year-old undergoes emergency surgery after 'smoky paan' leaves hole in her stomach "There was no one in the house for the last three months and I did not want to spend unnecessarily on the electricity bill," she said. "The occupant was given enough time to provide a document of proof in the absence of which Tangedco personnel have done their duty." The incident came to light on Sunday (May 19) when two Tamil Nadu Generation and Distribution Corporation (Tangedco) personnel attempted to disconnect the power but left after Das opposed the move. They returned on Monday with a written request from Venkatesan, leading to the disconnection. Also Read | Pune Porsche Crash: Police arrests teen driver's father, family of victims calls it 'murder' Das contended, “If Tangedco has to disconnect the power supply to the house, they should seek my opinion in writing before carrying out the procedure since I have been staying here. There are no pending dues, nor a court order for disconnection. Even if the landlord wants power supply cut to the premises, Tangedco cannot do so when someone is staying there. But they climbed the pole outside the building and disconnected the power supply. It is a gross abuse of power." Tangedco officials stated that Das was asked to provide proof of residence or a letter indicating his stay on the premises but he refused. “He did not allow us to disconnect the metre inside the premises, so we had to disconnect the service from the nearby overhead line,” explained one official. SC stays Das' arrest in sexual harassment case The retired police officer is no stranger to controversy. A trial court in Villupuram in 2023 convicted Rajesh Das of sexually harassing a female IPS officer who was under his supervision. Das, in April this year, approached the Madras High Court requesting suspension of his sentence and exemption from surrendering to the trial court. Watch | India: IMD issues severe heat wave alert × “How fair is it for the petitioner to claim a privilege and say that he will not go to prison even for a day? Isn’t it audacious? Everyone is equal before this court. Why should special treatment be given to this petitioner?” the Madras HC had reportedly said. Both requests were denied. However, on May 17, the Supreme Court granted an interim stay on his arrest while considering his appeal against the High Court's decision. (With inputs from agencies)

Getting even? Ex-wife, who is a state energy secy, cuts power to retired DGP’s bungalow

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A 12-year-old girl from India's southern Bengaluru city had to undergo gastrointestinal surgery after consuming a 'smoky paan' containing liquid nitrogen, reported the Times of India (TOI). She initially experienced severe stomach pain, which led to the discovery of a hole in her stomach. She had tried the 'smoky paan,' intrigued by seeing others exhale smoke after eating it.

This street food is widely available at various stalls across Indian cities, and is very popular among content creators.

Immediately after eating it, the girl felt unwell.

Reflecting on her experience, she told TOI, "I wanted to join others in trying the smoky paan, but soon after eating it, I felt discomfort that escalated into severe stomach pain. While others seemed unaffected, I felt sick."

Doctors diagnosed her with perforation peritonitis, a condition where a hole in the stomach requires immediate surgical intervention to prevent further complications.

Dr Vijay HS, the lead surgeon at Narayana Multispeciality Hospital, explained, "Intra-op OGD scopy is a procedure where a flexible tube with a camera and light is used during surgery to examine the esophagus, stomach, and duodenum—the first part of the small intestine," according to The Times of India.

"We must address such isolated incidents promptly to prevent them from recurring." Dr Vijay added.

<a href="https://www.wionews.com/trending/the-great-khali-lands-in-trouble-after-lifting-worlds-shortest-woman-with-his-hands-video-723319">Also read | The Great Khali lands in trouble after lifting world's shortest woman with his hands</a>

The girl was discharged after spending six days in the hospital.

The hospital said, "Liquid nitrogen, with a liquid-to-gas expansion ratio of 1: 694 at 20 degrees Celsius, poses significant health risks".

"The rapid vaporisation of liquid nitrogen in an enclosed space generates immense force. This volatile chemical can damage the skin and present severe health hazards to chefs and other food handlers. Inhaling the vapours can lead to breathing difficulties, and there have been reports of tissue damage due to hazardoud nature of liquid nitrogen," the hospital said in a statement.&nbsp;

Also watch | India General Election 2024: Jammu &amp; Kashmir's Baramulla records all-time high voter turnout

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/india-general-election-2024-jammu-kashmirs-baramulla-records-all-time-high-voter-turnout-723808/embed" width="560"></iframe>

<h2>Rising concerns over liquid nitrogen in street food</h2>

This incident adds to a growing list of cases where people have suffered adverse effects from consuming food and beverages containing liquid nitrogen. 
 
Often used in restaurants to create a smoky effect in dishes like sizzlers, liquid nitrogen requires careful handling by both consumers and food providers.

(With inputs from agencies)
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A 12-year-old girl from India's southern Bengaluru city had to undergo gastrointestinal surgery after consuming a 'smoky paan' containing liquid nitrogen, reported the Times of India (TOI).

A 12-year-old girl from India's southern Bengaluru city had to undergo gastrointestinal surgery after consuming a 'smoky paan' containing liquid nitrogen, reported the Times of India (TOI). She initially experienced severe stomach pain, which led to the discovery of a hole in her stomach. She had tried the 'smoky paan,' intrigued by seeing others exhale smoke after eating it. This street food is widely available at various stalls across Indian cities, and is very popular among content creators. Immediately after eating it, the girl felt unwell. Reflecting on her experience, she told TOI, "I wanted to join others in trying the smoky paan, but soon after eating it, I felt discomfort that escalated into severe stomach pain. While others seemed unaffected, I felt sick." Doctors diagnosed her with perforation peritonitis, a condition where a hole in the stomach requires immediate surgical intervention to prevent further complications. Dr Vijay HS, the lead surgeon at Narayana Multispeciality Hospital, explained, "Intra-op OGD scopy is a procedure where a flexible tube with a camera and light is used during surgery to examine the esophagus, stomach, and duodenum—the first part of the small intestine," according to The Times of India. "We must address such isolated incidents promptly to prevent them from recurring." Dr Vijay added. Also read | The Great Khali lands in trouble after lifting world's shortest woman with his hands The girl was discharged after spending six days in the hospital. The hospital said, "Liquid nitrogen, with a liquid-to-gas expansion ratio of 1: 694 at 20 degrees Celsius, poses significant health risks". "The rapid vaporisation of liquid nitrogen in an enclosed space generates immense force. This volatile chemical can damage the skin and present severe health hazards to chefs and other food handlers. Inhaling the vapours can lead to breathing difficulties, and there have been reports of tissue damage due to hazardoud nature of liquid nitrogen," the hospital said in a statement. Also watch | India General Election 2024: Jammu & Kashmir's Baramulla records all-time high voter turnout Rising concerns over liquid nitrogen in street food This incident adds to a growing list of cases where people have suffered adverse effects from consuming food and beverages containing liquid nitrogen. Often used in restaurants to create a smoky effect in dishes like sizzlers, liquid nitrogen requires careful handling by both consumers and food providers. (With inputs from agencies)

12-year-old undergoes emergency surgery after 'smoky paan' leaves hole in her stomach

In India's Pune, the father of the drunk teenager who rammed his luxury car into a motorcycle killing two people has now been detained. The case is also been given to Pune's crime branch.

India: Police registers case against father of the teen who killed two by his luxury car

The India Meteorological Department (IMD) has issued a severe heatwave alerts for Punjab, Haryana, Delhi, and Chandigarh, predicting that heatwave to severe heatwave alerts will persist over the next five days.

India: IMD issues severe heat wave alert

In the last few years, India’s policy community has been divided into three groups, with the first arguing for an East Asia-like development led by manufacturing, supported and subsidised by the state through industrial and trade policy. The second group, to which non-resident Indian economists especially subscribe, is that India should pursue a novel approach to services-led development given its inherent strength in the sector and limitations in manufacturing due to democracy. The third group, which comes not from the cohort of economists but mostly from industry leaders, is that given its size, the scale of the domestic market, and fertile land (India has the world’s largest arable land), it should try all three - agriculture, industry, and services.

The previous phase of globalisation rested on four pillars of free movement of goods, services, capital, and people. The developing countries benefitted enormously by offering cheaper goods, services, and labour and getting capital. The East Asian countries, and most notably China, built unprecedented dominance in manufacturing, accounting for around one-third of the global share while consuming just one-tenth of it. The supremacy in manufacturing resulted in a considerable merchandise trade surplus and jobs for its billion-plus people.

China’s experience is not unique among the East Asian countries. All the East Asian countries like Japan, Taiwan, and South Korea built a competitive edge in manufacturing through the smart use of industrial policy, which protected the domestic markets while propping up national champions that tried to capture the global market.

Japan was the leader and the first to adopt this model, while its followers tweaked it to fit their needs and the prevailing global environment. The model adopted by these countries has delivered results so similar that today, Japan, South Korea, and Taiwan have almost similar per capita income at market rates. And all these countries run huge goods trade surpluses with the rest of the world.

On the other hand, India built an edge in services and labour exports, although not on the scale of China. The huge merchandise success story of China masks its competitiveness in services, where it is 4th largest exporter in the world after the US, UK, and Germany, while India is ranked 6th after China and Ireland.

China and India doubled their share of global commercial services exports from 2005 to 2022, from 3.0 per cent to 5.4 per cent, and from 2.0 per cent to 4.6 per cent, respectively. The global goods export list is headed by China, with USD 3.6 trillion or 14 per cent of total exports against India’s 1.8 per cent. The country has been the largest exporter of goods in the world since 2009.

Also read:&nbsp;<a data-ved="2ahUKEwjazdKau5eGAxUozzgGHcsGCt8QxfQBKAB6BAgLEAE" href="https://www.wionews.com/business-economy/data-lab-are-chinas-women-turbocharging-the-economy-can-india-keep-up-629435" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/business-economy/data-lab-are-chinas-women-turbocharging-the-economy-can-india-keep-up-629435&amp;ved=2ahUKEwjazdKau5eGAxUozzgGHcsGCt8QxfQBKAB6BAgLEAE">Data Lab | Are China`s women turbocharging its economy? Can India catch up?</a>

In terms of net secondary income, which consists mainly of remittances, India is five times ahead of China at USD 97 billion. On the net primary income, which is the return on FDI and FPI, China transfers almost 4.5 times to the investor nations. The reason behind the high outgo from China is that the country attracted many times more FDI and FPI than India or any other developing country in the last four decades.

The combined value of services exports and net secondary income (read remittances) is around USD 438 billion, the third highest in the world after the United States and the United Kingdom. On the other hand, the combined value of services exports and net secondary income for China would be around USD 401 billion.

In the four pillars of current account balance, India beats China in labour and outgo on capital investment but needs to catch up on goods and services exports. In terms of services, India is close to China, but in terms of goods, Beijing has built an advantage of almost eight times, and that gap will not be bridged easily.
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India and China Current Account Balance Data<a href="#_ftn1" name="_ftnref1" title="">[1]</a>/World Bank (Figures in USD)

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<a href="#_ftnref1" name="_ftn1" title="">[1]</a> 2022/23, whichever is available for the metric because there is not much difference, either in data or to the macroeconomic argument
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India may never be able to build a merchandise trade surplus of USD 800 -900 billion, which China ran with the rest of the world. India’s services exports have not even crossed a 5 per cent share in the global services market, while China reached around 2023. Even if India doubles its share to get 10 per cent of global services exports and 4 per cent of global exports by 2030, that would put the country in a respectable position. India should aim to capture at least 5 per cent of international trade by 2030 from its current share of around 2.2 per cent.
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In 2022, merchandise exports accounted for around 73 per cent of global trade, while services accounted for just 27 per cent. Though the composition is changing with increasing tariffs and non-tariff barriers, for services to reach the level of goods will take at least more than a decade. Overall, the value of global trade fell by 3 per cent in 2023. It dropped by 5 per cent for trade in goods but grew by 8 per cent for trade in services.

Even more soothing data point is that India's services exports jumped 11.4 per cent to USD 345 billion in 2023 despite global economic uncertainties, while China's shipments from the sector contracted by 10.1 per cent to USD 381 billion, according to a UNCTAD report.

However, even after these soothing developments, one must recognise that none of the top 10 trading nations have a service export share more than goods exports. The United Kingdom comes closest to it with a 49 per cent services share in total exports, and India is its nearest competitor with a 40 per cent share of services in total exports.

Also read:&nbsp;<a data-ved="2ahUKEwjazdKau5eGAxUozzgGHcsGCt8QxfQBKAB6BAgHEAE" href="https://www.wionews.com/business-economy/china-overtakes-us-as-indias-top-trading-partner-in-fy24-data-shows-720883" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/business-economy/china-overtakes-us-as-indias-top-trading-partner-in-fy24-data-shows-720883&amp;ved=2ahUKEwjazdKau5eGAxUozzgGHcsGCt8QxfQBKAB6BAgHEAE">China overtakes US as India`s top trading partner in FY24, data shows</a>

The East Asian economies are skewed toward merchandise, with 90 per cent for China, 84 per cent for South Korea, and 81 per cent for Japan, while the UK (51 per cent), India (60 per cent), and the US (69 per cent) are at the other end of the spectrum. India needs nearly double-digit growth for around two decades to become a developed country, and for that, the economy must fire all three engines.

The debate on goods vs. services is unnecessary, and India must spend time and effort on something other than this luxury. The country's policymakers must make a sustained effort to increase the merchandise (including agricultural produce) and services to achieve the goal of a developed nation by 2047.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

In the last few years, India’s policy community has been divided into three groups, with the first arguing for an East Asia-like development led by manufacturing, supported and subsidised by the state through industrial and trade policy.

In the last few years, India’s policy community has been divided into three groups, with the first arguing for an East Asia-like development led by manufacturing, supported and subsidised by the state through industrial and trade policy. The second group, to which non-resident Indian economists especially subscribe, is that India should pursue a novel approach to services-led development given its inherent strength in the sector and limitations in manufacturing due to democracy. The third group, which comes not from the cohort of economists but mostly from industry leaders, is that given its size, the scale of the domestic market, and fertile land (India has the world’s largest arable land), it should try all three - agriculture, industry, and services. The previous phase of globalisation rested on four pillars of free movement of goods, services, capital, and people. The developing countries benefitted enormously by offering cheaper goods, services, and labour and getting capital. The East Asian countries, and most notably China, built unprecedented dominance in manufacturing, accounting for around one-third of the global share while consuming just one-tenth of it. The supremacy in manufacturing resulted in a considerable merchandise trade surplus and jobs for its billion-plus people. China’s experience is not unique among the East Asian countries. All the East Asian countries like Japan, Taiwan, and South Korea built a competitive edge in manufacturing through the smart use of industrial policy, which protected the domestic markets while propping up national champions that tried to capture the global market. Japan was the leader and the first to adopt this model, while its followers tweaked it to fit their needs and the prevailing global environment. The model adopted by these countries has delivered results so similar that today, Japan, South Korea, and Taiwan have almost similar per capita income at market rates. And all these countries run huge goods trade surpluses with the rest of the world. On the other hand, India built an edge in services and labour exports, although not on the scale of China. The huge merchandise success story of China masks its competitiveness in services, where it is 4th largest exporter in the world after the US, UK, and Germany, while India is ranked 6th after China and Ireland. China and India doubled their share of global commercial services exports from 2005 to 2022, from 3.0 per cent to 5.4 per cent, and from 2.0 per cent to 4.6 per cent, respectively. The global goods export list is headed by China, with USD 3.6 trillion or 14 per cent of total exports against India’s 1.8 per cent. The country has been the largest exporter of goods in the world since 2009. Also read: Data Lab | Are China`s women turbocharging its economy? Can India catch up? In terms of net secondary income, which consists mainly of remittances, India is five times ahead of China at USD 97 billion. On the net primary income, which is the return on FDI and FPI, China transfers almost 4.5 times to the investor nations. The reason behind the high outgo from China is that the country attracted many times more FDI and FPI than India or any other developing country in the last four decades. The combined value of services exports and net secondary income (read remittances) is around USD 438 billion, the third highest in the world after the United States and the United Kingdom. On the other hand, the combined value of services exports and net secondary income for China would be around USD 401 billion. In the four pillars of current account balance, India beats China in labour and outgo on capital investment but needs to catch up on goods and services exports. In terms of services, India is close to China, but in terms of goods, Beijing has built an advantage of almost eight times, and that gap will not be bridged easily. India and China Current Account Balance Data[1]/World Bank (Figures in USD) [1] 2022/23, whichever is available for the metric because there is not much difference, either in data or to the macroeconomic argument India may never be able to build a merchandise trade surplus of USD 800 -900 billion, which China ran with the rest of the world. India’s services exports have not even crossed a 5 per cent share in the global services market, while China reached around 2023. Even if India doubles its share to get 10 per cent of global services exports and 4 per cent of global exports by 2030, that would put the country in a respectable position. India should aim to capture at least 5 per cent of international trade by 2030 from its current share of around 2.2 per cent. In 2022, merchandise exports accounted for around 73 per cent of global trade, while services accounted for just 27 per cent. Though the composition is changing with increasing tariffs and non-tariff barriers, for services to reach the level of goods will take at least more than a decade. Overall, the value of global trade fell by 3 per cent in 2023. It dropped by 5 per cent for trade in goods but grew by 8 per cent for trade in services. Even more soothing data point is that India's services exports jumped 11.4 per cent to USD 345 billion in 2023 despite global economic uncertainties, while China's shipments from the sector contracted by 10.1 per cent to USD 381 billion, according to a UNCTAD report. However, even after these soothing developments, one must recognise that none of the top 10 trading nations have a service export share more than goods exports. The United Kingdom comes closest to it with a 49 per cent services share in total exports, and India is its nearest competitor with a 40 per cent share of services in total exports. Also read: China overtakes US as India`s top trading partner in FY24, data shows The East Asian economies are skewed toward merchandise, with 90 per cent for China, 84 per cent for South Korea, and 81 per cent for Japan, while the UK (51 per cent), India (60 per cent), and the US (69 per cent) are at the other end of the spectrum. India needs nearly double-digit growth for around two decades to become a developed country, and for that, the economy must fire all three engines. The debate on goods vs. services is unnecessary, and India must spend time and effort on something other than this luxury. The country's policymakers must make a sustained effort to increase the merchandise (including agricultural produce) and services to achieve the goal of a developed nation by 2047. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

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