New Delhi [India], October 4 (ANI): India needs to strengthen its resilience to growing geopolitical and economic shocks by pursuing more open trade and investment policies, deepening international partnerships and securing its position in global value chains, said experts.
Speaking to ANI on the sidelines of the 5th Kautilya Economic Conclave, Liqing Zhang, Professor of International Economics and Director of the Center for International Finance Studies at the Central University of Finance and Economics (CUFE), called for India to further open its markets to strengthen its ability to withstand external shocks.
“I think in order to better respond to the external shock, probably India can have a more open policy, including an open market further, and as to China and India's economic relations, I think it's getting better, and we look forward to having more imports from India,” he said, stressing, "It would be good for both sides if India allowed more Chinese investors.”
Hans Peter Lankes, Managing Director and Deputy Chief Executive of ODI Global, said building resilience should remain at the centre of policymaking as economies face recurring external shocks.
“I think the key takeaway is building resilience, and that means in fiscal policy and monetary policy and in various and industrial policy in other areas,” Lankes said.
Lankes also highlighted India's growing role as a leader of the Global South and its ability to navigate several global economic challenges. “India plays an active role just simply as a leader of the global South, as a very successful country that has actually managed a lot of these concerns quite well,” he said.
Highlighting India-UK ties, Lankes said the partnership remains close and described it as a two-way relationship, with the UK receptive to India's views ahead of its upcoming G20 presidency.
“I see the UK with its G20 presidency coming up as very receptive to the messages that are coming out of India.”
On the other hand, Suraya Ismail, Director of Research at Malaysia's Khazanah Research Institute, stressed the need for countries to understand their position in global value chains and identify vulnerabilities arising from geopolitical tensions while strengthening cooperation with India and other Asian economies.
“We do need to really understand how we are in the global value chain and what the geopolitical tensions are that have been out there. And it's not really about, you know, retracting from one or the other, but to basically understand where the critical points are and how we overcome that as one country or collaborate with other Asian countries or with India,” she said. (ANI)
India needs more open trade, investment policies to withstand global shocks: Experts
