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DAILY NEWS ANALYSIS
01 July, 2020
5 Min Read
Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST)
In an effective response to an unprecedented emergency (Covid-19 pandemic) that disrupted most channels of national and international trade, Indian Prime Minister, under Atma Nirbhar Abhiyan, gave a clarion call for the country to become self-reliant.
India in the pre-1991 era also strived for achieving self-reliance and import substitution. While it resulted in a diversified economic base for heavy industries such as Steel, coal, petroleum refinery etc, India fell behind the curve on quality, technology and productivity.
Economists attribute these shortcomings to the then industrial and trade policies, particularly industrial licensing, physical barriers to import of goods, high tariffs and imperative economic policies.
Though the Indian Prime Minister clarified that the current idea of self-reliance is not about a return to import substitution or autarkic isolationism, but rather aimed at a quantum jump to the economic potential of the country by strengthening infrastructure, using modern technologies, enriching human resources, and creating robust supply chains.
In order to achieve this goal policy making needs to address underlying issues and leverage economic opportunities.
Underlying Issues in Becoming Self Reliant
Available Opportunities
Way Forward
Given the underlying issues and opportunities, it is vital to become competitive in pursuance of self reliance.
Source: FE
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