India is taking an increasingly protectionist turn, with frequent and broad tariff hikes and discriminatory regulations against foreign-owned companies. Without a change in course, Asia's third-largest economy cannot modernize industry and remove structural obstacles to growth, such as supply limitations and low productivity.
India increased import tariffs on more than 50 items for a third straight year in its 2021-22 budget. The list includes a variety of automobile and electronic parts.
