As the economic powers (G20 nations) pull their hair to figure out solution to reviving the economy, the constant beep of protectionism of their economy as a policy is constantly being debated at various levels, primarily driven by political reasons.
Considering the fact that the Indian economy has lately flourished predominantly after opening up the sluice gates of trade, this is something that the country can ill afford to ignore. India's dependency on the markets of these countries is higher than their dependency on our markets and hence it would hurt us much deeper.
A very interesting set of opinions from seasoned economists on this theme can be accessed at>>
Thankfully the wave is still against protectionism