India has to move fast to break into global supply chains: Jagdish Bhagwati
Subscribe to enjoy similar stories. New Delhi: India will become a developed economy over the next 25 years if it sticks with the reforms pledged by policymakers, but the country has to move fast in building global supply chains before it is too late, economist Jagdish Bhagwati said in an interview.
The influential American economist of Indian origin said it was possible for India to have a long period of strong growth and become a developed economy, while many developed nations are vulnerable to geopolitical turmoil. “We will definitely make it.
In contrast, many of the developed economies are not sound at all, as they are more affected by geopolitical stress points like the Russia-Ukraine conflict. They are also going to get involved in what happens with China in the Far East.
So, we can no longer count on the western powers to remain ahead." Also read | Prudent for global biz to diversify supply chains: FM “We, on the other hand, are not involved in such events at the moment. Therefore, if we keep up where we are now in terms of our current outstanding rate of growth and everything that finance minister Nirmala Sitharaman and Prime Minister Narendra Modi talked about, if that keeps up, we will be way ahead of the West," Bhagwati said.
“So I am optimistic on that ground." Bhagwati was referring to Modi’s pledge last week to carry out structural reforms and inclusive growth, where he emphasized that the first three months of the National Democratic Alliance government’s third term in office was marked by a strong commitment to jobs and skills, sustainable growth, innovation, infrastructure building, quality of life and rapid growth. Sitharaman has also expressed confidence that there would be “the steepest rise" in
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