India needs to develop economic model rooted in its strengths capabilities Swaminathan Gurumurthy

Kolkata, Nov 15 (PTI) India needs to develop an economic model that is rooted in its own strengths and capabilities, eminent economist and journalist Swaminathan Gurumurthy said on Sunday.

    Gurumurthy said that India, representing nearly one-sixth of humanity, could neither remain disconnected from the world nor simply merge into the existing global economic framework.

    "India needs to develop an economic model rooted in its own strengths, capabilities and aspirations," he was quoted as saying in a statement issued by the ICC after an interactive session here.

    Gurumurthy pointed to the weakening of the World Trade Organisation's dispute settlement mechanism as an indication of the challenges facing the existing global trade architecture.

    He said self-reliance should go beyond domestic manufacturing and focus on building indigenous capabilities, encouraging entrepreneurship and developing an economic outlook that reflects India's own identity.

    Citing India's industrial history, from Jamsetji Tata's establishment of Tata Steel to the emergence of industrial clusters such as Morbi, Gurumurthy said indigenous enterprises demonstrated the country's potential to build its own economic strengths.

    He also highlighted India's family and social structures as a distinct foundation for economic and social sustainability.

    Gurumurthy said the vision of ‘Viksit Bharat 2047’ should not be measured by GDP rankings alone, but by the country's ability to present a sustainable development model of its own while adapting to changing global realities.

(This story has not been edited by THE WEEK and is auto-generated from PTI)