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Can India become an export-oriented economy? | BOOM

Aug 25, 2020 15:17 IST

Except for a gap of about 200 years, India has always been a large contributor to global output. On Independence Day, PM Narendra Modi stressed on the need to be more #VocalForLocal to build an #AtmanirbharBharat and produce not just for India but the world. How can India become a global superpower for exports? Dr Arvind Panagariya, Professor, Columbia University & Former Vice Chairman, NITI Aayog says that signalling is important. We have to make it clear globally that we will be an important player in the market, both as an importer and exporter. Policy wise, Vietnam and Bangladesh have done better than us in terms of pricing labour and land markets as well as business friendliness. We should avoid the import substitution trap because it's not realistic in a globalised world. He stresses that India has a 500 million strong workforce and we will be poised to take over the world only with correct policy initiatives. The biggest reason to be present in global markets is that all technological innovations happen there and we will miss out on progress if we continue pandering only to local markets. Watch BOOM's Govindraj Ethiraj interview Dr Arvind Panagariya on how India's international trade policies need a rehaul if we want to emerge from the Covid-19 pandemic as a business superpower.