Indian trade policy after the crisis

India, like China, had a "good" crisis; both have spearheaded exuberant post-crisis recovery in emerging markets. A combination of stable government and roaring growth gives rise to predictions that India will hit annual growth rates of 10 per cent or more. This is India hype. Reforms have stalled since 2004, with no prospect of big change. The combination of a barely-reforming government in Delhi and turbulent global economic conditions will make it difficult to maintain existing levels of growth. Geopolitically, India is a rising regional and global power, but it is still a second-tier emerging power, well behind China. Turning to trade policy: India's cumulatively substantial trade and FDI liberalisation has narrowed the gap with other developing countries. External protection is now much closer to Chinese and ASEAN levels. But that still leaves significant pockets of protection in agriculture, some industrial products and big-ticket services sectors. (...),