India could benefit from the global lessons absorbed over the past two years so long as the country keeps itself open to trade
A lot of the popular discourse on international trade is about the consumer goods that we buy. The political rhetoric naturally goes along the same path. These arguments miss the fact that most consumer goods produced in one country use inputs sourced from other countries, through complex global supply chains. The production structure of the modern economy is like an iceberg—the small tip above the water level does not give the seafarer an idea of the vast volume that is out of sight.