: Arvind Panagariya interview: India can’t become an export powerhouse unless it’s open to imports #IndiaNEWS India should send the signal that “we stand for globalisation, we stand for exports

Arvind Panagariya interview: India can’t become an export powerhouse unless it’s open to imports #IndiaNEWS
India should send the signal that “we stand for globalisation, we stand for exports but are not afraid to import??? if we want to grow exports, said Arvind Panagariya, professor of economics and the Jagdish Bhagwati Professor of Indian political economy at Columbia University. Except for a gap of about 200 years, India has been a large contributor to global output, Panagriya wrote in his book India Unlimited: Reclaiming the Lost Glory. In 1820, India contributed about 16% of global gross domestic product. China – with about 33% of world GDP – and India together controlled half of the world’s GDP. Currently, India’s exports lag behind China’s, and southeastern countries such as Vietnam and Bangladesh have become competitors, especially in the textile sector.In his Independence Day speech, Prime Minister Narendra Modi spoke about Atmanirbhar Bharat or self-reliant India. He also spoke about being “vocal for local???, “Make in India???, and “Make for the World???, which would mean increasing exports.Panagariya, who was the first vice chairperson of the NITI Aayog, the Centre’s policy think-tank, from January 2015 to August 2017, spoke to IndiaSpend about how India can become a global export powerhouse, how it needs to change policy and how companies on the ground can be supported.

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