Former RBI Governor C. Rangarajan warns against inefficient "import substitution" in India's Atmanirbhar strategy and urges a multidimensional approach.

Former RBI Governor C. Rangarajan warns against inefficient "import substitution" in India's Atmanirbhar strategy, urging a multidimensional approach focusing on investment rates, agriculture, manufacturing, services, and new technologies. He emphasizes the need for cost-efficient import substitution and higher education reforms in access, equity, and quality. To achieve a per capita income of over USD 13,000 by 2024, India needs an average annual real growth rate of 6-7%.

August 03, 2024
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