A lot of Indian politicians and analysts are upset about US President Donald Trump’s remark that India is a “dead economy” and deserves a high 25% tariff. They are waiting to see whether the government will stand up to the US or compromise as some countries have done.Actually, there is a third option, which is to see the tariff challenge as an opportunity to cure the malaise of over-protectionism in a large section of producers in both the industrial and agricultural sectors. Protecting local businesses from international competition has stymied innovation and efficiency in the production process.
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