ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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The extension, in the latest export-import policy, of 'deemed export' status to supplies made to projects in the power and oil and gas sectors and to holders of export promotion capital goods (EPCG) licences does not touch even the fringes of the problem. Agro- based industries and chemicals and petrochemicals, where India possesses no particular advantage, cannot be expected to provide a sustainable base for export growth. South Korea, by contrast, had, brushing aside World Bank urgings, systematically pursued a strategy of 'heavy and chemical' industrialisation, targeting six industries - steel, metals, machine-building, shipbuilding, electronics and chemicals for government support.

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