Protectionism and Atmanirbhar Bharat

22 JUN,2020 | MEDC


 

Keeping in mind recent global developments, the Prime Minister has launched a national policy of self-reliance, and being vocal about local. However, India’s trade policy continues to rely on tariff protection against imports. If India is to become truly self-reliant and create a competitive manufacturing sector, we need to develop a strategy focusing on trade liberalization and export promotion. If India is to truly establish globally competitive industries, its schedule of tariff reduction has to be credible. Nothing tests a country’s economic competitiveness as much as its export potential, and unless domestic industries are able to respond appropriately to price signals and incentives in global markets, they will not be able to leave their mark overseas. Atmanirbhar Bharat is a truly worthy goal, but to achieve it our firms will need to manufacture so efficiently that they do not need any government handholding. India’s political economy has to now aim at genuine self-reliance, and not self-serving rhetoric to justify protectionism.

*Photo Credit: Google

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