Not self-reliance, focus must be on ‘competitive India’ : Murmu

President Droupadi Murmu said that this is the time of an epochal transformation. Associate this statement with the words of the prime Minister that this is Bharat’s time and Bharat is now going to move forward. We look at the march of technology and how it is transforming the way we live.

The president said that the Fundamental Duties enshrined in the Constitution are essential obligations of every citizen towards making Bharat a developed nation when it completes 100 years of independence.

It is pertinent to recall one of the Directive principles of state policy that requires the government to direct its policy towards securing the operations of an economic system that does not result in concentration of wealth and the means of production to the common detriment.

The president said that India is moving ahead with confidence, which comes from and is also reflected by the robust health of the economy, that our GDP growth rate has remained the highest among the major economies in recent years and that we have all reasons to believe that this extraordinary performance will continue in the years 2024 and beyond.

Our merchandise exports at a record $ 456 billion in 2022-23 constituted barely 1.8 percent of the global merchandise exports billion in the ten years period, the compounded aggregate growth rate of merchandise export is likely to be only around 5.1 percent. If we leave out the exports of high value items like petroleum products and gem and jewellery it is likely that the export figures for other goods could be even more disappointing.

In recent years, especially after the downward revision of income tax rates in 2020, our export of services have growth but those figures must be seen in the context of the fact that besides inward remittances against invoices, there is no real evidence of exports, as in the case of export, of goods where there is a shipping bill that goes through the Customs.

The reality is that despite the government’s efforts to build infrastructure and bring down the logistics costs, we have not yet become globally competitive. Responding by erecting more and more tariff and non-tariff barriers will not help. We have to abandon our aim of ‘self-reliant India’ and strive for ‘competitive India’, if we aspire to become a developed country by 2047.

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