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"Tariffs have created protectionism in several Indian industries, disincentivising investments in efficiency by cosy incumbents and allowing them to steadily garner market power by building up concentrated positions," according to Viral Acharya, a professor of economics at New York University Stern School of Business.

High tariffs have also fostered protectionism in several Indian industries, discouraging investments in efficiency, according to Viral Acharya, a professor of economics at New York University Stern School of Business.

As Mr Acharya, a former central banker, noted in a paper by Brookings Institution, restoring industrial balance in India requires "reducing tariffs to increase the country's share of global goods trade and reduce protectionism".

Restaurant operator Abjan Acharya told BBC News NI it was "devastating and sad".

Mr Acharya, who only took over the business in March, said he had ploughed a lot of money into it and the arsonists targeted the "colour of skin but they need to understand we are trying to establish a business, trying to feed our staff and their families".