There is no substitute for an industrial policy

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Written by Aakash Dev The Make in India campaign launched in 2014 is a very different policy package from the dogma of self-sufficiency that India embraced in the 1970s. If the latter was chalk, this is cheese. Make in India (MII) does not, by any stretch, bring back dirigiste recollections of the license raj, self-sufficiency, import-substituting industrialisation, and the like. It is vastly dissimilar, although fears have been raised about the manner in which MII is being implemented in some sectors, particularly by raising tariff duties to provide protection to encourage the setting up of domestic industry. Fears of this...