Badri G Narayanan
Notwithstanding the globally sharpening focus on multi-lateralism (read WTO, food security and trade facilitation) and pluri-lateralism (read Trans-Pacific and Trans-Atlantic Trade and Investment Partnerships), we all want all our industries to flourish despite the increasing global competition.
How do we do this? Well, there are two ways. With little protection of the domestic industry, it may learn how to outperform its competitors from abroad in the domestic market. This may probably ensure a structural development of competitiveness in the industry eventually, helping the domestic industry grow up as a global player.
This is the crux of export-oriented industrialization. This model had been followed in the past by the countries like South Korea, with great success.