Principal secy to PM bats for anti-fragile policy amid global uncertainties
This story was originally published at 20:06 IST on 27 February 2025
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NEW DELHI – In order to tackle the uncertainties posed by the changing geopolitical dynamics, P.K. Mishra, the principal secretary to Prime Minister Narendra Modi, emphasised on designing policies to make the country "anti-fragile". "The whole world is now inter-connected through trade. The supply chain is now globalised. We cannot be too much dependent on external sources. The supply chain can be disrupted," he said at Business Standard's Manthan Summit on Thursday, citing the crisis posed in recent years by COVID-19, the Russia-Ukraine war, and the developments in West Asia.
Mishra said that with an anti-fragile approach, we not only face such consequences but can become much stronger. He further hailed Prime Minister Modi's idea of Atmanirbhar Bharat, saying "it doesn't mean that we want to shut ourselves off from the rest of world" but to be prepared for the uncertainties. He emphasised on manufacturing of essential products to be ready to face potential global challenges.
Responding on the issue of reciprocal tariffs announced by the US, Mishra expressed confidence that India will be able to respond effectively to uncertain situations. He lauded Prime Minister Modi's US visit earlier this month and said a trade deal will be negotiated. "We are one of the world's largest economies in absolute terms. We have a large consumption base and a demographic advantage... we should be able to sustain external pressures and negotiate from a position of strength," Mishra said.
Trump aims to lower US' trade deficit and boost domestic manufacturing through reciprocal tariffs, which are expected to be rolled out in phases starting April. The tariffs may have serious implications for India as the US is India's top export destination and New Delhi had a trade surplus of $35.32 billion with Washington in 2023-24 (Apr-Mar).
On the two-day visit of European Commission President Ursula Von Dor Leyen to India, the principal secretary to the PM said that it signals that the European Union looks to India as an alternative and a very important player in the global economy. "The discussion with ministries and the European Union College of Commissioners will lay foundation for a much more comprehensive cooperation in the coming days," Mishra said. End
US$1 = INR 87.20
Reported by Kuldeep Singh
Edited by Tanima Banerjee
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