The lure of Indus Valley.

"The only significant policy initiative that the post-pandemic Indian economy has seen from the government has been an openness to use Industrial Policy as a tool for economic development," wrote Diva Jain. "No Industrial policy tool is as hated and scorned by free trade economists as tariffs. Yet, both the UK and US were heavy users of tariffs to protect their infant industries when they were underdeveloped." The British decimated India's textile industry by using tariffs and restrictions in the 18th century. "The handloom weavers of Bengal had produced and exported some of the world's most desirable fabrics, especially cheap but fine muslins, some light as 'woven air'. Britain's response was to cut off the thumbs of Bengali weavers, break their looms and impose duties and tariffs on Indian cloth, while flooding India and the world with cheaper fabric from the new satanic steam mills of Britain," wrote Shashi Tharoor. True. But then, Britain was ruling India at the time and committed crimes without fear, whereas India may face retaliation for its tariffs. Today, a drive from Manchester to Stockport is lined with ruins of the huge "satanic mills", google.co.in, whereas, "India scaled its highest ever exports tally at US$44.4 Bn in Textiles & Apparel (T&A) including Handicrafts in FY21-22." pib.gov.in. Today, Britain imports $1.979 billion worth of textiles and garments from India while exporting nothing to us. Textile Infomedia. Instead of militarily conquering other countries, as Britain had done, the United States brought the conquered people home. "The bodies of the enslaved served as America's largest financial asset," and "In sixty years, from 1801 to 1862, the amount of cotton picked daily by an enslaved person increased 400 percent. The profits from cotton propelled the US into a position as one of the leading economies of the world, and made the South its most prosperous region." Vox. "The income generated by enslaved labor was much higher than its financial costs. This difference was capitalized in the market value of enslaved people, which is estimated to have been $4 billion as of 1860 - more than every bank and railroad combined at the time." Bloomberg. However, slavery was apparently an economic loss because freeing slaves would have led to productivity gains of 10% to 20% of gross domestic product (GDP). That is not a given because racial segregation till 1964, wikipedia, would have limited the ability of blacks to find respectable professions. Although bonded labor, akin to slavery, is still being practised despite being banned in 1976, wikipedia, buying and selling of slaves is not known to have been a practice in India. In fact, India did practice import substitution till 1991. "That year, we finally recognised its total failure and switched to outward orientation," wrote Prof Arvind Panagariya. In fact, Industrial Policy could take us back to Indus Valley Civilisation. BBC. That is a clear and present danger.