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“Import vs Produce Locally” – An enduring economic misconception

India’s first-ever prime minister Jawaharlal Nehru famously believed that manufacturing its own railway components, airplanes and guns was central to maintaining the country’s hard-fought political independence. Speaking shortly after independence, he summed up his country’s approach to trade and development with these words warning about relying on imports: “Whenever these countries wished, they could stop…

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