India’s approach to trade remains too anachronistic
₹900 crore in incentives have been withheld by the Centre, “citing invoicing discrepancies", as Mint reported. A word commonly used to describe Indian trade and economic policy is ‘insularity’.
This is perhaps unfair. Officials scrutinizing the Korean giant’s invoices may know but not care that 50% of Samsung’s smartphone production is from half a dozen factories in Vietnam.
That country has become a global production base for electronics because of Samsung. Meanwhile, as our labour-intensive exports decline, partly due to the global slump but also a loss in competitiveness and successive increases in tariffs on inputs, along comes news that New Delhi is pushing to introduce uniquely “Indian shoe sizes", a break from the “colonial mindset" of US and UK sizes.
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