Well-known economist and former RBI Governor Raghuram Rajan has said that if India wants to become self-reliant, it will have to avoid raising tariff walls. Rajan said that if India has to become part of the global supply chain, then it will have to avoid high tariffs on imports from other countries. India cannot be self-sufficient by erecting tariff walls.
He was asked what his opinion is about the self-reliant India campaign launched by the government in May. In response to this, he said that he cannot tell exactly what it is? On the recent announcement of new tariffs by the government, Rajan said that this could be an attempt to re-branding Make in India or a step towards protectionism.
India will fall behind in global supply chain by increasing tariff
In the 12th Annual International G20 conference of the Indian Council for Research on International Economic Relations, ie ICRIER, Rajan said that if India is moving towards conservation. Unfortunately it has raised a very high wall of tariffs. According to me it does not make much sense. Rajan said that India needs world class manufacturers and manufacturing here. They should have no problem accessing world class input. But if the government increases the tariff, then there can be problem.
India needs cheap input
Rajan said, India needs cheap input so that its exports can increase. India must somehow strengthen the infrastructure. It will have to increase logistics support and become a part of the global supply chain. They are part of the global supply chain. If India raises the tariff wall then it will not be able to be a part of this chain. Rajan said that India will also have to give a lot of emphasis to the education sector so that the problem of better human resource in the service sector does not come.
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