India should be careful not to repeat the mistakes of import substitution from the 1950s, which in principle lacked two crucial elements that made economic protectionism successful in some countries: export promotion and identifying the country's niche in the global manufacturing supply chain.
Posts tagged as “RCEP”
The basic principle of trade is that a country exports in sectors where it has a comparative advantage while importing in sectors where it does not. But in the Indian economy, only a minority of the workforce is engaged in activities where India is competitive.