India Will Not Be The Next China: Washington Consensu & Protectionism

The video discusses India's economic history, focusing on the transition from a Soviet-style planned economy to a more open market system. It highlights the role of the IMF and the Washington Consensus in this shift. The video explains protectionist policies, their benefits, and drawbacks, and compares them to subsidies. It also covers the License Raj, a system of intense regulation that hindered business operations in India, and how its removal helped unlock India's economic potential.

What were the main characteristics of India's economy before the 1990s?

Explain the concept of the Washington Consensus and its relevance to India's economic reforms.

Discuss the advantages and disadvantages of protectionist policies as mentioned in the text.

What are the potential consequences of trade restrictions on a country's export competitiveness?

In what ways can governments support local industries without imposing import taxes?

Reflect on the impact of government intervention in business activities as described in the text.

How did the license Raj affect small businesses in India?