Modi put up tariff walls. Now Budget must bring them down

Now that a jobs crisis is weakening his hold on power, how serious is Prime Minister Narendra Modi about reviving India’s factories? We will know in next week’s budget, a chance to remedy a lurch toward protectionism.

Without fixing that folly, the country could miss an opportunity to join key global supply chains, such as those for smartphones and consumer electronics. A large home market will keep assembly lines busy — but crucial parts will be made by Chinese and Vietnamese labor. What could easily be a $100 billion-plus boost to annual factory production by the end of the decade might fail to materialize.