Former RBI chief C. Rangarajan has warned that the push for Atmanirbhar Bharat (self-reliant India) should not turn into ineffective ‘import substitution.’ In other words, he cautions that the effort to become self-reliant shouldn’t just lead to poorly managed attempts to replace imports with domestic products that aren’t competitive or efficient.

He said that India’s development strategy should be broad and cover many areas. To boost growth, India should increase investment, focus on agriculture, manufacturing, and […]