Here is Why Indian Manufacturing is Struggling
By: MUDIT JAIN
Post-1947, India began a transformative journey, with factories seen as "temples of modern India" by Nehru.
Nehru balanced industrialization with high import duties, protecting domestic industries from cheaper imports.
India faced a foreign exchange crisis in the 1990s, turning to the IMF for loans and embracing economic liberalization.
India followed IMF, liberalized economy, cut import duties, but lacked comprehensive reforms for full transformation.
Red tape, corruption impede law implementation, hampering manufacturing industry growth and potential.
In 2000s, Indian firms outsourced manufacturing abroad, importing products to cut costs, closing local industries.
India relies heavily on imports, causing domestic industries to close due to cheaper imports' competition.
Indian calcium carbide industry relied on foreign imports, causing closures despite heavy import duty presence.
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