3 min read.Updated: 26 Feb 2018, 01:13 AM ISTLivemint
Import substitution made sense in the pre-1990 era, before information and communication technology ushered in global value chains
A week after Prime Minister Narendra Modi boldly proclaimed protectionism to be a global threat, as big as terrorism, at the World Economic Forum, the Union finance minister presented a budget which significantly increased customs duty in more than 10 sectors to discourage imports. The Prime Minister’s word turned out to be pandering to the Davos crowd, but, more importantly, the government’s U-turn reflects its outdated understanding of globalization.
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