India must look beyond its Atmanirbhar Bharat policy
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Diva Jain
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The government’s focus on Atmanirbhar Bharat, accompanied by its introduction of production-linked incentives (PLIs) for manufacturing, has attracted criticism as well as praise. Critics have characterized it as an inward-looking import substitution policy that is likely to produce negative outcomes, while supporters have touted it as a game-changer which will finally allow Indian manufacturing to acquire its rightful place. A brief dive into the history of developing nations that have emerged from poverty would suggest that it is likely to be neither. In all probability, it will end up as just another middling policy of the sort that has defined India’s economic decision-making process for decades.