Author: Manmohan Singh
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Protectionism is a very real danger. It is understandable that in times of a severe downturn protectionist pressures mount but the lessons of history are clear. If we give in to protectionist pressures, we will only send the world into a downward spiral.
As the largest and most developed democracies of Asia (India and Japan), we have a mutual stake in each other's progress and prosperity.
Protectionism has to be avoided. Protectionism is not only on goods but also in the area of services. Financial protectionism is also bad and should be avoided.
In a country where employment opportunities are not growing fast enough, the fear of change tends to be very acute.
India's political system also would need to be modernized.
India's infrastructure has to be modernized, has to be expanded at a rate which will I think be consistent with the growth requirements.
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