The stickiness of bad policy

It would appear at first glance that the annual supplement to the Foreign Trade Policy of UPA-II does what is necessary to restore robust export growth. Ballooning oil prices and gold imports during 2011-12 combined to cause a current account deficit that had reached a worrying four per cent of gross domestic product; clearly, India’s exports needed a push. However, the agenda unveiled by Commerce Minister Anand Sharma quite comprehensively misses the point.

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