The government must be transparent and avoid selective protectionism
The government has started the new year with a new dose of selective protectionism. This trend, which started a few years ago, is likely to continue and gain momentum.
One of the key pillars or principles of the General Agreement on Trade and Tariffs (GATT) under the auspices of the World Trade Organization (WTO) was the abolition of quantitative restrictions. Essentially, this meant abolishing instruments such as import licenses that would make it difficult for foreign goods to enter domestic markets. India did so in 2001, integrating internationally accepted nine principles of mitigation abroad
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First print: January 7, 2024 | 11:53 PM IST