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The Knowledge Solution
The government and the RBI are taking short-term measures to stabilise the rupee and reduce the current account deficit (CAD). The lack of vision and foresight has constrained the full potential of the economy. In case of the CAD, boosting exports is stressful as there is high competition in international markets and biases against exports from the developing world to developed countries in primary goods. Everyone wants to survive and hence one should not rely on trade negotiations. What would be a much easier path is to curb imports and become a self-sufficient economy.
The government and the RBI are taking short-term measures to stabilise the rupee and reduce the current account deficit (CAD). The lack of vision and foresight has constrained the full potential of the economy. In case of the CAD, boosting exports is stressful as there is high competition in international markets and biases against exports from the developing world to developed countries in primary goods. Everyone wants to survive and hence one should not rely on trade negotiations. What would be a much easier path is to curb imports and become a self-sufficient economy.
Oil imports are costly in terms of foreign exchange. If India has to come up as a prosperous economy, it has to devote large resources to research. There should be emphasis on knowledge creation and discoveries of technology suitable to India and its climatic and geographical conditions.
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