Since the 1970s, many countries have brought many benefits to their own countries due to the development of globalization. But some typical countries, such as India, began to show some anti-globalization phenomena. So, they put in place relevant policies to protect their national interests. Because of this situation, the theme of our study will focus on how protectionism impacts India. This paper will use quantitative analysis with the ordinary least squares regression model to research the impacts of tariffs on the economy of India. The regression models indicate a positive correlation between tariff and GDP while a weak relationship between GDP and joining a new regional trade agreement. To sum up, this paper indicates that although reducing tariff level to some extent is beneficial for the economic development in India; the country should adopt a variety of protectionism methods appropriately. In addition, with the increasingly developed pharmaceutical industries, the Indian government may open its market again gradually with fewer protectionism policies. And this result focuses not only on several industries but also on the country's economy. Contribution and limitation will be further discussed in this paper.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.