Analjit cautions India Inc of 'reverse protectionism'
India Inc needs to be cautious of the fallout of "reverse protectionism" consciously followed by the developed world to impede economic growth achieved by countries like China, India and Brazil, Max India Chairman Analjit Singh said on Friday.
By PTI |
NEW DELHI: India Inc needs to be cautious of the fallout of "reverse protectionism" consciously followed by the developed world to impede economic growth achieved by countries like China, India and Brazil, Max India Chairman Analjit Singh said on Friday.
Addressing a PHD chamber's seminar, he said the tough stance taken by them on Doha Round of trade negotiations, their attitude towards outsourcing business and raising of non-tariff trade barriers are indicative of the growing trend of reverse protectionism.
Protectionism is a theory, practice or system of fostering or developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations.
According to Singh, the blatant protectionist undertones from quarters which once advocated liberalisation and went about preaching the world on the same, should trigger a "new wake up call" for the developing world, a chamber release said.
Addressing a PHD chamber's seminar, he said the tough stance taken by them on Doha Round of trade negotiations, their attitude towards outsourcing business and raising of non-tariff trade barriers are indicative of the growing trend of reverse protectionism.
Protectionism is a theory, practice or system of fostering or developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations.
According to Singh, the blatant protectionist undertones from quarters which once advocated liberalisation and went about preaching the world on the same, should trigger a "new wake up call" for the developing world, a chamber release said.
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