Tariffs, conflicts demand policy rethink: C. Rangarajan

Countries are invading other countries, and at the same time, imposition of tariffs has become a real problem, said C. Rangarajan, former Chairman of the Economic Advisory Council to the Prime Minister, former Governor of the Reserve Bank of India, and Chairman of the Madras School of Economics.

“So, we really need to readjust ourselves partly to this phenomenon, and what can be done is essentially to see that in some of the critical areas where inputs are very essential or the goods are very essential, we should really move in terms of domestic production, defence goods, production of chips, and adaptation to AI. All of these will have to be done, and in some way, we are breaking the rules of liberalisation. But that is what we have to do if the total global situation changes,” he said while delivering a special lecture commemorating the 35^th anniversary of India’s New Economic Policy, organised by the PG and Research Department of Economics, Stella Maris College (Autonomous).

The lecture was titled ‘35 Years of India’s Economic Liberalisation Reforms: Reflections, Achievements and the Road Ahead’.