India must adopt an Atmanirbhar Bharat approach in future trade deals, as some of the past agreements resulted in the de-industrialization of some sectors, foreign minister S. Jaishankar cautioned on Monday. Last year, India had opted out of the pact citing concerns that Chinese products could swamp the domestic market via third countries. The limited progress we have made and the gap with our real potential puts us in an especially difficult position." “In the name of openness, we allowed subsidized products and unfair production advantages from abroad to prevail. It was quite extraordinary that an economy as attractive as India allowed the framework to be set by others.

Source: Mint November 17, 2020 03:22 UTC