Trade wars and India's long-term economic and technology strategy

India is among the fastest-growing exporters of hi-tech goods. However, India's import of hi-tech products is heavily sourced from China and exports are overwhelmingly linked to the United States

The world economy is experiencing trade disruption on an unprecedented scale. Risk perceptions on this count have always been heavily discounted in favour of globalisation and orthodoxies that drive economic decisions. The opportunities of diversification (beyond narrow specialisations) have generated optimism for a relatively long period of time, reflected in the fact that simple average tariffs applied by members of the World Trade Organization (WTO) on a most-favoured nation (MFN) basis have fallen below 10 per cent. Unilateral tariff liberalisation by many developing countries after the WTO came into being has been, however, met with distorting subsidies, non-tariff barriers, and