INDIA’S MERCHANDISE IMPORTS CONTINUE TO GROW BIG
NEEDED A PROPER STRATEGY TO CONTAIN TRADE DEFICITS
2023-04-10 11:55
-
Prime Minister Narendra Modi’s initiative to substantially boost India’s manufacturing industry has impacted little on the country’s growing dependence on merchandise imports and large trade deficits. It is no wonder that the government and its commerce minister say little on the country’s growing annual merchandise imports bill and trade deficit while highlighting its export growth. The steady domestic demand amidst the global slump has hardly pushed up local production and investment in manufacturing. Instead, it seems to be helping foreign producers dump their products into India. Strong industrial and foreign trade policies could stem the rot.