Mishra, Principal Secretary to the Prime Minister, said here on Saturday. India has maintained a high level of growth amid global uncertainty due to sound macroeconomic fundamentals, and investing in resilience is economically rational, P.K.
I was speaking about resilience, and that it also costs”. “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. There’s always an element of risk. The distinction is now in sharp focus between risk-taking and uncertainty, he noted.
Speaking to the media on the sidelines of the ‘5th Kautilya Economic Conclave ‘, Mishra said, “I think the subject of the conference is totally different. India’s main strength is macroeconomic fundamentals, which are very strong, according to the Principal Secretary. So, we would like to avoid vulnerability, at the same time, remain open to the world,” he said. The top bureaucrat said that economic decisions are taken not fully knowing what the results will be. The globe is increasingly confronted not just with risk but also uncertainty, according to him. Referring to the Strait of Hormuz crisis, Mishra said that choke points become sources of vulnerability and that tariffs sometimes become instruments of weaponisation.
