Do India need a modern industry ministry?

As India’s most consequential business, technology and foreign policy relationship, the US will get priority in timing sand substance. This is rooted in realism.

In a volatile world, there are significant gains to becoming among the earliest countries to find accord with the Trump administration. Gains will be both tangible and intangible.

As and when this set of negotiations is concluded, it will mark an inflection point in India’s external strategy.

When it comes to supply chains, trade and market access considerations, the roiling will far outlive him.

Led by Narendra Modi, in the Indian system is focused on mitigating immediate impact. Realising imminent and compelling risks, it’s determined to protect India’s current equities, whether in goods exports or the services economy.

As a corollary, what are the implications for India’s manufacturing aspirations? India’s manufacturing efforts are not without external champions. If India becomes an alternative source for components, everyone will welcome it.’ India’s PLI programme has had qualified results. It’s not a complete success. But it would be extremely unfair to dismiss its achievements. More to the point, it was an answer attempted at a post-Covid juncture.

Common political oversight for the commerce and industry ministries was response to a given situation in the early 2000s. It was aimed at harmonizing domestic industry’s ambitions, anxieties and timelines with expansive and multilateral trade frameworks. Focused bilateral trade deals, and an environment where wide-eyed optimism about global demand, integration and multilateralism is simply not there, calls for a separate response.

Sequestering the commerce (trade) ministry from the ministry of manufacturing and supply chains – as a modern industry ministry should be reimagined – is worth considering. Along with the finance ministry, specifically the department of revenue, these verticals will need to pivot India’s manufacturing and export competitiveness.

At different points, their imperatives will collaborate, complement or even compete. The degree of protectionism and the quantum of tariff reductions/safeguards are cases in point. Such delineation could finesse contrasting pressures conflicts and interest. Quarterbacked by Indian diplomacy, it could enable India’s trade and technology interlinkages and economic advance.

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