Updated Feb 17, 2021 | 20:21 IST
India needs market-friendly, not business-friendly, reforms; consumer interests are equally important as business interests for reforms to succeed: CUTS International. Representational Image
India’s reform efforts cannot be left to the bureaucracy or economists alone. Instead, a whole of the ecosystem approach is required to plan and successfully implement measures aimed at enhancing competitiveness and inclusivity of growth,” said Pradeep Mehta, Secretary General, CUTS International. “The private sector and public institutions need to collaborate and converge in order to deliver on such an economic agenda,” he added.
He was moderating the second session of a series of webinars on “Improving India’s Competitiveness for Inclusive Economic Growth” organised by CUTS. He highlighted the importance of pragmatism in translating economic vision and ideas into actual ground realities.
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Fix inverted tariff structures to boost industrial growth in India
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C. Veeramani,
Anwesha Basu
Correcting import-duty anomalies will attract foreign firms to set up assembly bases here and lift our global competitiveness
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A steady decline in import tariff rates in manufacturing industries had been an important feature of India’s economic reforms during the 1990s and 2000s. The average import tariff rate was reduced from about 84% in 1990 to the lowest-ever level of 8.6% in 2010. Consequently, imports of goods plus services as a percentage of India’s gross domestic product (GDP), which is essentially a measure of import openness, steadily increased from 8.5% in 1991 to 30.6% in 2012. The period since 2010, however, witnessed a gradual increase in import tariff rates.
India hasn’t deindustrialized, but stagnated
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Deindustrialization refers to a decline in the share of the manufacturing sector in GDP and employment. Countries typically deindustrialize once they reach an advanced stage of industrialization. Given its modest industrial performance, has India then deindustrialized prematurely?
In an article in Economic and Political Weekly, Judhajit Chakraborty of Michigan State University and R. Nagaraj, formerly of Indira Gandhi Institute of Development Research, show that India’s industrialization has stagnated for three decades now. The all-India ratio of manufacturing output to GDP has remained unchanged since 1991. The employment share of the sector also remained more or less constant during 1991-2011.