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Of course an Indian startup can't compete with Amazon and Walmart! But they can easily ban foreign companies and let it grow organically in the country, they might get it 5 years later but they are not bankrupting all of their local business with no upside for the economy!

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If they had to go down this path, they should have done it years ago. I don't know enough about economics to comment whether that have been good or bad though. Before opening up in 90s, Indian economy was closed as well but that didn't necessarily led to Indian enterprises in those spaces being very competitive once they lost all those protections.

Before 90s with all those protections, Indian companies had become sloths. The economy was in bad shape and the govt had no option but to open up for foreign investors/companies.

If anything, foreign investment/companies have brought better days for Indian customers, even though it means more money draining out to US.

Those industries that are still protected(eg. There are no foreign universities) are still in bad shape.

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