India, June 1 -- The tide of US-led globalisation was spreading outward in 1991. Now, it is shrinking inward. It may have made sense in 1991 to use trade as the strategy for economic growth rather than industrial development; not in 2026. In 1991, India switched from the difficult route of building its own high-value adding manufacturing industries to the easier route of imports. Most Indian businesses took this route and became assemblers and marketeers of foreign goods. China, however, continued to build its domestic industries. It was accused of not playing by global trade rules and even stealing foreign technology.

It is important to keep in mind that India and China had comparable technological strengths in manufacturing in the 1980...