#970 How Protectionism Is Holding Back Indian Manufacturing | Govindraj Ethiraj | The Core Report

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India’s manufacturing problem may be more deeply rooted than it appears. In this episode of The Core Report Special Edition, financial journalist Govindraj Ethiraj speaks with economist Dr Surjit Bhalla about how protectionism is holding back Indian manufacturing, why private investment has lost momentum and whether India can realistically become a developed country by 2047.Surjit Bhalla examines India’s Viksit Bharat 2047 ambition through per capita income and economic growth projections. He explains why measuring progress using current dollars rather than purchasing power parity produces a far more challenging target. Drawing on the experiences of China, Vietnam, South Korea, Taiwan, Brazil and Indonesia, he questions whether India’s developed country goal is achievable within the proposed timeframe.The conversation explores why infrastructure spending alone cannot sustain faster GDP growth. Bhalla explains why India needs greater private investment, stronger manufacturing exports and access to global demand. He also examines why repeated government appeals have failed to persuade businesses to invest more.Bhalla believes protectionism is holding back Indian manufacturing by reducing the pressure on domestic companies to become globally competitive. He discusses import tariffs, non-tariff barriers, Quality Control Orders and the influence of powerful interest groups on India’s economic policy. He also explains how protection can discourage investment, weaken exports and limit manufacturing growth.Govindraj Ethiraj and Surjit Bhalla discuss India’s economic growth, private investment, manufacturing policy, industrial monopolies, import duties, Quality Control Orders, bilateral investment treaties, free trade agreements and an India US trade deal. They also explore the growing risks of relying heavily on services when artificial intelligence could transform employment and competitiveness in the sector.At the heart of the conversation is a bigger question. If India wants faster economic growth, more private invest