New Delhi, October 3 (Daily Kiran) : Prime Minister Narendra Modi’s principal secretary, P.K. Mishra, stated on Saturday that India has successfully maintained a rapid growth rate amid global uncertainties due to its strong economic infrastructure. Speaking to the media during the 5th Kautilya Economic Conclave, Mishra acknowledged the ongoing global uncertainties but emphasized that India continues to uphold high growth rates while reinforcing its economic foundations.
According to Mishra, India’s core strength lies in its robust economic framework. He noted, “We have been able to diversify our supply chains and establish extensive trade relations, signing more free trade agreements (FTAs) and fostering new business partnerships. We aim to remain open while also minimizing our vulnerabilities.”
The senior official remarked that economic decisions are often made without fully understanding their potential outcomes, highlighting the inherent risks involved. He pointed out that the world is facing not just risks but an increasing amount of uncertainty. Mishra clarified that the distinction between risk-taking and uncertainty is becoming more apparent.
Referencing the crisis in the Strait of Hormuz, he explained that critical trade routes can become sensitive points, with tariffs sometimes weaponized. He mentioned that the energy transition is also being reassessed alongside other factors, with various restrictions being increasingly utilized for strategic purposes.
Mishra posed a critical question: “The issue is not whether globalization has ended, but how to maintain the benefits of globalization while making economies less sensitive to shocks and excessive dependencies.” He cited India’s electronics sector as a prime example, noting similar trends in the pharmaceutical and semiconductor industries.
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