Miscellaneous
Professors Arvind Panagariya and Pravin Krishna argue that India can sustain 9 to 10% growth for two to three decades and create good jobs for its vast workforce through an export-centered strategy. They note that no country has achieved these objectives without competing in global markets. Such competition forces efficiency and stimulate innovation in product, process and management practices. The professors also expose the myths that opening to imports causes unemployment and that automation has closed the window to manufacturing-led growth as a viable strategy. They conclude by warning against a return to import substitution, especially in view of India’s own dismal experience with it during the 1960s and 1970s. Credits: Co-Hosts: Arvind Panagariya, Director of the Raj Center on Indian Economic Policies and Professor of Economics at Columbia University & Pravin Krishna, Professor of International Economics and Business at the Johns Hopkins University Producer: Atisha Kumar, Research Scholar, Raj Center on Indian Economic Policies, Columbia University Editor: Rebecca McGilveray, INCITE, Columbia University