When asked about his views on ‘Atmanirbhar Bharat’ during a webinar, Raghuram Rajan said, “I don’t know, I don’t know what it is.” He added, “I want to believe it’s a variation of (Make in India) theme. (But) if the focus is on import substitution by erecting tariffs then I think it’s a direction we’ve tried before and it’s failed.”Raghuram Rajan on Wednesday cautioned against import substitution under the ‘Aatmanirbhar Bharat’ initiative of the government, saying the country has gone down this route earlier but could not succeed.
“If the focus (under Aatmanirbhar Bharat initiative) is on import substitution by erecting tariffs, which we have done lot of in the last few years, then I think it is a direction we have tried before and it has failed. I would caution against going in that direction,” Rajan said. He was addressing a webinar organised by the Centre for Financial Studies at Bhavan’s SPJIMR.