Economic resilience cannot mean global insulation; domestic production may cost more : Principal Secy to
- Posted on October 3, 2026
- By Business News Today
- 4 Views
- 1 min read
In brief
India's top economic advisor argues that pursuing self-sufficiency through isolationism undermines long-term growth prospects. While strengthening domestic manufacturing capabilities remains crucial, policymakers must balance competitiveness with import substitution. PK Mishra warns that higher production costs at home could disadvantage industries if markets remain artificially protected. Strategic risk diversification and supplier resilience require maintaining global trade partnerships while strategically developing indigenous sectors that can compete internationally.
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Economic resilience cannot mean global insulation; domestic production may cost more : Principal Secy to
PK Mishra emphasized the need for India to remain open to global markets while enhancing economic resilience. He indicated that domestic production could be more expensive than imports, which highlights the need for a better risk assessment. Businesses are increasingly postponing investments and diversifying suppliers due to economic uncertainties. Mishra underlined that building domestic capabilities must focus on competitiveness rather than merely substituting imports.
