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 published by “Jayasankar Thayyil”
Jayasankar Thayyil holds a Masters degree in Development Studies from IIT Guwahati and a Bachelors degree in Social Sciences from the Tata Institute of Social Sciences, Mumbai.
The working middle class in the West faced difficulties due to globalisation. But unlike in the West, the rise of right-wing populism in India does not have an economic rationale. Instead, it actively sabotages the economic openness which has worked well for India in the past.