‘India should give up its protectionist tendency’

April 22nd, 2008 - 10:44 pm ICT by admin  

New Delhi, April 22 (IANS) India should open up its economy more and do away with its protectionist tendency as that will boost its trade with other countries, said Lord Mayor of the City of London David Lewis. “India’s protectionist attitude is forcing its entrepreneurs to go to other places. You have to encourage your own entrepreneurs to stay in the country and help your economy grow,” Lewis told a gathering of business leaders organised by the Confederation of Indian Industry (CII) here Tuesday.

“You need to liberalise your markets. Having made several mistakes ourselves and learnt from it, we can say that our system is the perfect and we have seen that liberalising is the only way to help the economy grow,” he added.

Lewis is currently on a 12-day visit to India, leading a 50-member business delegation.

“Why can’t you allow foreign banks, lawyers to operate here? There’s no need to be insecure or protectionist,” he said, adding that nowhere in the world has liberalisation led people to come down on streets.

“India is having a great GDP (gross domestic product) growth rate and you being the world’s largest democracy should keep the growth growing by liberalising slowly and gradually.”

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