Building a Sustainable Trade Framework in the Post-Pandemic Era

New Delhi (The Uttam Hindu): As the second phase of the Budget session begins today, March 10, several crucial issues are expected to dominate the debate in Parliament. These include the need for transparency in financial markets, trade and tariff discussions with the US, global trade implications due to Trump’s policies, and the gender gap in banking and credit services.

In the lead editorial, the new chairman of the Securities and Exchange Board of India (Sebi), Tuhin Kanta Pandey, calls for increased transparency, particularly around conflicts of interest within the regulatory body. The editorial stresses the importance of clear disclosures from both regulated entities and the regulatory body to ensure trust in India’s financial markets.

Another key issue expected to be discussed is India’s trade relations with the US. The editorial urges the government to be more transparent about its discussions with the US, especially after recent statements from US President Donald Trump and his Commerce Secretary about India’s tariff rates. Union Commerce Minister Piyush Goyal’s recent visit to Washington D.C. has raised questions, and the government must share the steps taken in these talks with the public to build a domestic consensus.

In his column, Debashis Basu warns of the damaging effects of President Trump’s trade policies on global trade ties, particularly for India. He notes that these policies will cause volatility in the dollar, pushing it higher due to tariffs and lower due to reduced growth. Trump's tariffs will also hurt India’s largest job-creating export sectors—pharmaceuticals and software. Basu highlights the severity of this threat, which he believes is not fully acknowledged.

Ajit Balakrishnan, in his column, raises concerns over potential threats to India’s tech startup boom, comparing the current environment to the pre-90s protectionism era. He points to challenges such as price sensitivity, slow adoption of new technologies, and a value-for-money mindset, but also sees hope in the widespread adoption of UPI payments, which could serve as a model for helping Indian startups scale globally.

The book review section features Robert Sullivan’s take on Carl Zimmer’s *"AIR-BORNE: The Hidden History of the Life We Breathe."* Zimmer’s book highlights how historical divisions between medical factions hindered the fight against Covid-19. He explores the reluctance of the Centers for Disease Control (CDC) and the World Health Organization (WHO) to accept the virus’s airborne nature due to bias against early warnings raised by ‘contagionists.’

Tamal Bandyopadhyay addresses the ongoing gender gap in banking and credit services. While more women are entering the labor force, their access to credit remains lower than that of men. Women entrepreneurs still face significant challenges in securing the credit they need, and the failure of a bank dedicated to women customers a decade ago highlights the persistent barriers. Bandyopadhyay concludes by emphasizing that closing the gender gap in both the labor market and access to finance is essential for women’s economic empowerment.

These key issues will likely dominate discussions as the Budget session progresses, with transparency, trade relations, and gender equality in finance taking center stage.