View: India must policy-push itself away from a protectionist mindset and compete globally
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View: India must policy-push itself away from a protectionist mindset and compete globallyBy Hema Ramakrishnan, ET CONTRIBUTORS
Last Updated: Jan 09, 2021, 08:14 AM IST
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Synopsis
Protection raises inefficiency, increases input costs for user industries, hurts manufacturing exports and prompts retaliation by trading partners.
Agencies
India must open up global trade and investment to join global supply chains, raise its ability to make goods that it had not produced before, and realise its potential to be an economic powerhouse.
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Corporate India has lobbied Finance Minister Nirmala Sitharaman for competitive tariffs when she announces the Union budget on February 1. That marks a welcome change from India Inc’s usual clamour to shield domestic producers. It seems to have realised that the best way to become part of trade networks is to move away from a protectioni
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