Towards Atmanirbharta

There can be no quarrel with PM's advocacy of self-reliance, but it takes more to attain the goal

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AN UNSTABLE global environment, countries are increasingly focusing on their own interests, with "resource nationalism" being at the core of national strategies. Prime Minister Narendra Modi's emphasis on imbibing the spirit of a Swadeshi model of development in his longest Independence Day speech, on Friday, fits in perfectly with this context, though the immediate background was that of Donald Trump's tariff fury on India. Atmanirbharta (self-reliance) is the very cornerstone of Viksit Bharat (developed India), Modi asserted, while flagging the various schemes to make the country self-reliant. Unperturbed by the high tariffs being imposed on India, he said his government won't accept any agreement that would adversely affect India's farmers, cattle rearers, and fishermen. Even in a milieu of "de-globalisation", Trump's extravagant tariffs are more a contingency than an abiding feature. However, it serves as a timely reminder of the need to brace ourselves for external shocks of high magnitude. India is a capital-scarce country, and it needs to strategise well to boost money supply and ensure effi