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Home » Columns » The Economic AnalysisBudget 2014: Import substitution may derail economic growth
On the eve of his departure, Dr. Koshy Mathai, the IMF Representative, warned that an import substitution strategy could hurt the country’s economic development. He advised the Government to pursue policies that do not discriminate against exports by giving greater incentives to import substitution compared to export promotion and thereby creating a bias against exports. [...]