India must shed its protectionist attitude: Ex-CEA Arvind Subramanian

Former chief economic adviser Arvind Subramanian on Wednesday said India must shed its protectionist attitude and become an exporting economy.

“Unless India’s exports grow at 15 per cent, we won't get 8 per cent growth. For that, we should reverse some of the protectionist measures taken.  If we turn protectionist, I don't know how can we be an exporting power. Self-sufficient exporting powerhouse is an oxymoron,” he said.

The former CEA said the FRBM Act will probably have to be revised by the end of the year as India will witness a sharp decline in GDP growth due to the Covid-19 crisis.