PK Mishra highlights Govt’s strategy in managing major global crises
New Delhi: Any policy making in the Government of India setup has to factor in uncertainty with a focus on a comprehensive framework and an outcome-oriented constructive mindset. P. K. Mishra, Principal Secretary to the Prime Minister, said while interacting with the media at the Business Standard Manthan Summit in New Delhi.
Addressing a wide array of issues, Mishra highlighted the government’s strategy in managing major global crises such as the pandemic, the Ukraine-Russia conflict, and instability in West Asia.
Mishra elaborated how the Indian economy faced several challenges: geopolitical tensions, disruptions in global supply chains, and energy transition. In the event of Covid-19 pandemic when the whole world, including India, appeared to be in turmoil, India could navigate the challenges effectively and successfully. It took several measures on economic reforms in addition to providing some stimulus packages. The growth momentum was restored.
He also highlighted the Government’s initiative of Production Linked Initiative (PLI) Schemes and leveraging of the consumption base and demographic advantage of India among others. On India’s Production-Linked Incentive (PLI) scheme, Mishra pointed out its positive impact but stressed the importance of long-term evaluation.
In the context of the ongoing protectionism and breakdown of the Washington Consensus, Mishra explained how our policy stance in our economic engagement with the world has been consistent. Continuing with our belief in engagement with other countries, on a mutually beneficial basis. Citing examples of recent FTAs with Australia, UAE and EFTA, he referred to the ongoing negotiations with the UK and the EU. This approach will help us mitigate the emerging challenges.
Principal Secretary to the PM impressed upon the need to tackle uncertainty with a new approach where not only risk assessment but also building an ‘anti-fragile system’ should be our objective. He emphasised that our systems should not just be resilient but also ‘anti-fragile’.
Mishra referenced PM Modi’s recent visit to the US describing it as “very positive” from the perspective of enhancing trade relations and building on ‘opportunities’ rather than simply reacting to crisis, being the focus.
