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Investment Opportunities in Madhya Pradesh Relative to Other Indian States in the WTO RegimeA Comparative Analysis with Special Emphasis on the Pharmaceutical Sector

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Abstract

The World Trade Organization (WTO) has set rules for international trade, with the objective to provide maximum benefits to the consumers. One of its aims is to remove trade barriers to international competition. The Organization is based on the principles of free trade; predictability through binding and transparency; national treatment (treating foreigners and locals equally); granting most favored nation status; dismantling trade barriers, for example, removal of quota restrictions and tariff bindings; and promoting fair competition. At the same time developed nations have used their power while negotiating the rules of trade, and this has posed a great challenge to developing countries. It can be claimed that the rules have been framed in a way which gives opportunities to serve customers of the WTO countries. Only companies with a competitive advantage can survive in the global arena, and this also applies to Indian industries. Since the WTO prevents the use of subsidies and other protective measures, the economic environment will change. This requires bringing major changes in the business system in India. Under this system, the textile, food processing and leather industries will benefit. Although there is confusion among the Indian pharmaceutical companies at present, in this area also India can take the opportunity to grow. Madhya Pradesh needs to create a welcoming atmosphere for these companies. This article presents the economic conditions in Madhya Pradesh and discusses the reasons for the backwardness. It makes a comparison of the industrial potential specific to the pharmaceutical industry of Madhya Pradesh with other developed states in India.

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