India's macroeconomic fundamentals are strong, and efforts to diversify supply chains, expand trade via FTAs, and boost manufacturing are reducing its vulnerability to global shocks, said Principal Secretary to the PM PK Mishra.
India’s macroeconomic fundamentals remain strong, while efforts to diversify supply chains, expand trade relationships and strengthen manufacturing are helping the country reduce its vulnerability to global shocks, Principal Secretary to the Prime Minister PK Mishra said on Saturday.
Speaking to reporters on the sidelines of the 5th Kautilya Economic Conclave in New Delhi, Mishra said India was seeking to remain open to the global economy while reducing its exposure to external risks.
“Our macroeconomic fundamentals are very strong,” Mishra said.
Key Pillars of India's Economic Strategy
Diversifying Supply Chains and Trade
He said India had also made progress in diversifying supply chains and widening its trade relationships through more free trade agreements and broader economic engagement with other countries.
“Then we have been able to diversify our supply chain. We have also been able to have wider trade relationships, more FTAs, and more trade relationships,” he said.
Strengthening Domestic Manufacturing
Mishra also pointed to efforts to strengthen domestic manufacturing capacity as part of India’s broader strategy to build economic resilience.
“So, we're also trying to increase our manufacturing capability,” he said.
Balancing Openness and Vulnerability
He said the objective was to preserve India’s openness to the global economy while limiting vulnerabilities arising from concentrated supply chains and external disruptions.
“So in that sense, we would like to continue to be open, at the same time, you know, less vulnerable. So we would like to avoid vulnerability, at the same time open to the world,” Mishra said. (ANI)
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