'India still protected economy'
Making a case for further trade liberalisation, noted international economist T N Srinivasan today said even after many years of economic reforms, India continues to be one of the most protected countries in the world.
By PTI |
NEW DELHI: Making a case for further trade liberalisation, noted international economist T N Srinivasan today said even after many years of economic reforms, India continues to be one of the most protected countries in the world.
"China has liberalised trade far more than India. India is still reluctant to open up significantly," the Yale University Professor said while delivering a lecture on economic reforms in India and China at the India Policy Forum.
He said India could leverage its democracy as the safety valve to rope in more investment and compete with China as the latter's "authoritarian system still depends on repression."
Srinivasan pointed out that the biggest challenge before India is to address infrastructure issues particularly power and financial sector reforms. He added that the country's agriculture sector also needs to be reformed with a view to shifting excess labour from the farm sector to the industry.
Referring to the hot topic on inclusive growth, the economist said: "Sad story is not lack of vision of inclusive growth, but an utter failure to deliver growth, let alone inclusiveness, during 1950-80."
Commenting on the increased thrust on inclusive growth by industry associations and the government, Srinivasan said: "Only those suffering from amnesia will view the current emphasis on inclusive growth as a new vision."
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