Trade and industrial policy must converge4 min read . Updated: 27 Nov 2017, 03:06 AM IST
The government should prioritize the design of industrial policies that benefit the country from integrating with global value chains
Economic development is essential for economic growth...that’s a motherhood statement. But economic development cannot take place without a sound industrial base and trade strategy. Both complement each other. This is one of the reasons why globally trade and industry are with one minister though the two departments can be separate. In India, they enjoy working in silos (sometimes even within the department itself). Thus Suresh Prabhu, the minister, has an onerous role to run both of them as the two wheels of a motorcycle without which there would be no forward motion.
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