I know I write and preach the sanctity and the fruits of openness, tolerance and the need for an open, competition-prevailing market — it’s that much that the Prime Minister shuts his eyes and ears and wants nothing but local goods. That’s not bad. You have the right to like what you like. However, what the trade and investment barriers do is prevent others from consuming what they want. Others. We can purchase what we want, but let’s not force that decision on others.
Maximum economic growth or value to society is gained when each rupee is directed to those activities that can result in maximum future value or the greatest value to be gained by spending today. And so, by having an open trade policy and an open investment regime, we broaden the scope of what they can buy and whom they can receive investment from — opening up the doors to get maximum value for the future or right now, if they spend it for consumption, and not investment.
Instead of trying to choose sectors, let’s just focus on growth and the subsequent jobs that will be created because the nature of the economy has changed — people must have an honest shot at earning income as there are no government-given protections. The answer for healthy growth and a good number of jobs is to be more open. And no, export subsidies are not openness.
I mean open to goods and ideas. To receive them, as this isn’t about giving.