And, after all that, in 2019 the share of manufacturing in India’s gross domestic product stood at a 20-year low. A government that has held off on income support during the covid pandemic has budgeted roughly $27 billion for these industrial subsidies. However, the only thing worse than socialism with central planning is industrial policy with no planning at all. Excessive closeness between bureaucrats and the beneficiaries of industrial policy? India’s haphazard foray into industrial policy [looks set] to fail, just as ‘Make in India’ did.

Source: Mint July 18, 2021 15:56 UTC