12 hrs ago
Mishra Says India Sustained Growth Amid Global Uncertainty
P.K. Mishra said India has continued to grow even when the world has faced uncertainty.
He said strong economic foundations have helped the country.
India is also trying to rely on a wider range of suppliers and trading partners.
It wants to build more manufacturing capacity too.
Mishra said making an economy more resilient can cost money, but can help protect it from shocks.
He noted that trade restrictions and important shipping routes can create vulnerabilities.
He said the goal is to stay connected to the world while becoming less exposed to disruptions.
He pointed to electronics, medicines and semiconductors as examples of sectors where India is building capability.
P.K. Mishra said India maintained high growth amid global uncertainty, supported by strong macroeconomic fundamentals.
He described investing in resilience as economically rational, while acknowledging that resilience has costs.
Mishra cited supply-chain diversification, wider trade relationships, free trade agreements and stronger manufacturing capacity as ways to reduce vulnerability.
He said global economies face uncertainty as well as risk, and pointed to the Strait of Hormuz as a potential vulnerability.
Mishra cited India's electronics, pharmaceutical and semiconductor sectors as examples of efforts to build economic capability.
- Who
- P.K. Mishra, Principal Secretary to the Prime Minister.
- What
- Mishra said India has maintained high growth amid global uncertainty and argued for strengthening resilience while remaining open to the world.
- Where
- On the sidelines of the 5th Kautilya Economic Conclave; the article does not specify a city.
- When
- Saturday; the article does not specify a date.
- Why
- To preserve the gains of globalisation while making the economy less vulnerable to shocks and concentrated supply chains.
Key facts
- Speaker
- P.K. Mishra, Principal Secretary to the Prime Minister
- Event
- 5th Kautilya Economic Conclave
- Growth
- Mishra said India maintained a high level of growth amid global uncertainty.
- Resilience
- Mishra said resilience has a cost and described investment in it as economically rational.
- Approach
- Diversify supply chains and trade relationships, expand manufacturing, and remain open to the world.
- Sectors cited
- Electronics, pharmaceuticals and semiconductors
- Vulnerability example
- Mishra referred to the Strait of Hormuz as a choke point.
Quotes
P.K. Mishra
Principal Secretary to the Prime Minister
“We have been able to diversify our supply chain. We have also been able to have wider trade relationships, more FTAs, and more trade relationships. So, we're also trying to increase our manufacturing capability. So, in that sense, we would like to continue to be open, at the same time, you know, less vulnerable. So, we would like to avoid vulnerability, at the same time, remain open to the world”
NDTV
“The question is not whether globalisation has ended, but how do we preserve the gains while making economies less vulnerable to shocks and concentration?”
NDTV
Sources
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