Insta
Former NITI Aayog vice chairman Arvind Pangariya (Flickr/IMF)
Former head of NITI Aaayog Arvind Panagariya on Wednesday (26 June) said that the escalation of the trade war between the United States (US) and China had provided an opportune time for India to attract the large multinationals looking for alternative locations outside China, reports The Hindu BusinessLine.
The eminent economist was speaking at a panel discussion organised by the Consulate General of India in New York when he stressed that India should do "whatever it takes" to bring the multinationals coming out of China to the Indian shores.
The former NITI Aayog vice-chairman also underscored that the US was asking India to open up its markets which is a good thing for India. He stressed that rather than using tariffs, India can use the exchange rate to its advantage.
“Let the rupee depreciate a bit, it will open the door for your exporters, while it also compensates for the tariff liberalisation. This is exactly what we did in the 1990s,” Panagariya said, adding that this will help make Indian goods much more attractive and boost exports.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest