India must stay open, but not become vulnerable, says principal sec to PM

PK Mishra said the world in the near future will belong to those who can be steady without being closed and ambitious without being naive, and India aims to be such a country.

NEW DELHI: India needs to remain open to the world without becoming “excessively vulnerable” to the globe amid export restrictions, sanctions and tariffs being weaponised, principal secretary to PM PK Mishra said on Saturday.At the Kautilya Economic Conclave, Mishra said the changing nature of trade policy was adding to uncertainty for economies. “The question before policymakers is not whether globalisation has ended... The question is how we preserve the gains from openness while making economies less vulnerable to concentrated and unpredictable shocks.” The economic logic of globalisation was built around specialisation and production where costs are lowest, and goods move efficiently across borders.

He said the logic remains “relevant” and even powerful.He said the world in the near future will belong to those who can be steady without being closed and ambitious without being naive, and India aims to be such a country.Speaking at the event, VP CP Radhakrishnan said it is essential that the fruits of development reach everyone, failing which youth may lose faith in democracy.