Assessment of Neomercantilism in India's Economic Policies in Post-COVID Era

Abstract

The COVID-19 outbreak has exposed various problems in global governance and impacted the international system and the old international order. In order to cope with the epidemic and the changing international situation and to leave from economic difficulties, the Modi government has adopted a series of neomercantilism policies to meet the uncertain challenges. This paper analyzes the implementation of Indian policy from the manufacturing, international trade, and consumption industry. Because the epidemic factors will be long-term and policies are effective only within a period, neomercantilist policies are only viewed as a phased tool. They cannot provide long-term support for economic development. Coupled with structural contradictions in the Indian economy, the effect of Indian policies is not good. The long-term development of the Indian economy still needs to be worked hard to solve the economy's fundamental problems and realize industrial transformation and upgrading.