Business Today on Nostr: US didn't catch up with Britain practising free trade: What Economic Survey 2024-25 ...
US didn't catch up with Britain practising free trade: What Economic Survey 2024-25 says about India's tariffs amid Trump's threats
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The Economic Survey 2024-25, presented by Finance Minister Nirmala Sitharaman on January 31, 2025, discusses India's tariffs in the context of historical industrialization. It highlights that North America and European countries did not catch up with Britain by practicing free trade. The survey cites Matthew C Klein and Michael Pettis, noting that the US imposed tariffs of about 45% on manufactured goods from 1870 to 1913. It emphasizes that tariffs are a standard tool of industrial policy, aiding industrialization when used carefully. India's average tariff rates decreased from 48.9% in 2000 to 17.3% in 2024, while China's fell from 16.4% to 8.3%. The survey concludes that calibrated tariff policies can support industrial development.
#EconomicSurvey #India #Tariffs #TradePolicy #DonaldTrump #Industrialization #NirmalaSitharaman #Brics #Wto #GlobalEconomy
https://www.businesstoday.in/union-budget/story/us-didnt-catch-up-with-britain-practising-free-trade-what-economic-survey-2024-25-says-about-indias-tariffs-amid-trumps-threats-462788-2025-01-31
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The Economic Survey 2024-25, presented by Finance Minister Nirmala Sitharaman on January 31, 2025, discusses India's tariffs in the context of historical industrialization. It highlights that North America and European countries did not catch up with Britain by practicing free trade. The survey cites Matthew C Klein and Michael Pettis, noting that the US imposed tariffs of about 45% on manufactured goods from 1870 to 1913. It emphasizes that tariffs are a standard tool of industrial policy, aiding industrialization when used carefully. India's average tariff rates decreased from 48.9% in 2000 to 17.3% in 2024, while China's fell from 16.4% to 8.3%. The survey concludes that calibrated tariff policies can support industrial development.
#EconomicSurvey #India #Tariffs #TradePolicy #DonaldTrump #Industrialization #NirmalaSitharaman #Brics #Wto #GlobalEconomy
https://www.businesstoday.in/union-budget/story/us-didnt-catch-up-with-britain-practising-free-trade-what-economic-survey-2024-25-says-about-indias-tariffs-amid-trumps-threats-462788-2025-01-31