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Govt's move to protect industry ignores both economic theory and history

Those who wish to blindly ape the Donald Trump-era United States' trade policy clearly have never bothered to think hard about the economic consequences of their actions in India

When Narendra Modi won a historic landslide victory in 2014, many argued that he would take the process of economic reforms forward. Particularly excited were those exhausted by years of making the case for structural change in a political environment where multiple players appeared to possess veto powers on progress. It was considered likely that, given his mandate, Mr Modi would be able to take bigger and more influential steps than had hitherto been possible. The sad twist is this: The occasions that Mr Modi has shifted policy clearly, the steps so taken have not been the sort ...