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The world wants India to remain an import-based economy. Then India can be a dumping ground where gold can be dumped and other commodities such as oil and gas. They look at India as a huge market.

Today, we have a trade regime which has led to the largest trade deficits this country has ever experienced.

That level of trade deficit throttles real growth in our country and continues the unfortunate path of selling out America. We are not winning the global trade war, we are losing it badly.

Import and substituting imports with domestic production are a big opportunity. With a devaluation of the rupee, imports get expensive, and for Indian manufacturers, this creates a huge opportunity.

America's largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.

The Indian business has largely grown on the back of exports. The domestic markets, as far as our Indian business is concerned, actually have contracted because of the contraction in the medium and heavy commercial vehicle space.

Trade allegedly does not foster growth because when it begins, a flood of imports of factory origin destroys the handicraft manufacturing of the less developed country: the models for this are the effects of British exports of textiles and of iron in India and Chile in the first half of the nineteenth century.

In this 21st century world, some of our country's most significant exports and imports extend beyond goods and services: They also include innovation, knowledge, discovery, and healing.