Former RBI Governor C Rangarajan, speaking at ICFAI’s convocation, emphasized that India’s push for self-sufficiency in critical imports, driven by the Russia-Ukraine war, should focus on efficient import substitution rather than outdated practices. He stressed that India’s development should be multi-dimensional, boosting investment, agriculture, manufacturing, and services while adopting new technologies. Rangarajan highlighted the need for job creation linked to growth and warned against costly import substitution. For investors, efficient strategies in import substitution could enhance India’s economic stability and growth prospects.
