Taking a hit: An employee walks past gantry cranes at the Jawaharlal Nehru Port in Navi Mumbai. Indian imports from China have soared in the past few years, outpacing exports and leaving the local industry gasping for survival. — Bloomberg
NEW DELHI: Less than a month after he declared to the World Economic Forum that India was open for business, Prime Minister Narendra Modi has raised import duties to their highest in three decades, setting the stage for a protracted trade war.
As he prepares to seek re-election next year, Modi has been ensnared by a global wave of protectionism that could threaten the foreign direct investments India needs to achieve double-digit growth.
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