..............What the RBI’s eighth survey suggests is that liberalisation has helped this effort to target the domestic market by opening up a host of new areas, including ones where technology intensity does not recommend foreign collaboration. Moreover, in pursuing the goal of profiting from India’s domestic market, foreign firms are far less willing to partner with domestic firms. This makes the foreign exchange cost of liberalisation high and its implications for India’s balance of payments adverse. Unfortunately, India’s policy establishment claims the opposite.
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