As pharmaceuticals, technology and outsourcing revive Indian exports, the government must devise trade policies that manage the challenges of a more open economy
During the recent visit to India by President Barack Obama, the US administration called for India to lower tariff barriers in everything including retail and telecommunications. This hit a chord with many of Delhi’s trading partners, who believe India has an outdated, outmoded trade policy that is inconsistent with today’s integrated world.
For its part, India often raises concerns about protectionism by other nations, especially since the deployment of multibillion-dollar stimulus packages by developed countries, and highlights the non-tariff barriers that, according to Delhi, keep away exports from developing countries. This is a sentiment echoed by Lira Goswami, a partner at Associated Law Advisers in Delhi, who says that “protectionism has increased due to the global financial crisis”.
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