Urjit Patel’s new book Overdraft—Saving the Indian Saver starts on a very lyrical note: “I have been in the news; while it lasted, the contretemps made good theatre.
One of the impacts of covid-19 has been the race among politicians all over the world to produce goods within their country rather than import them or more specifically import them from China. India is no different on this front and a narrative of self-reliance especially from China is being propagated. In fact, this narrative was being propagated even before covid-19 had struck. I was a part of a discussion a few months back and a member of the Prime Minister’s economic advisory council complained that only if Indians bought enough Indian products, India would be much better placed economically. Politicians belonging to the ruling dispensation have said similar things in the recent past. The logic, as it is offered, is very simple. If people buy only products made fully in India, Indian businesses will benefit, which means Indians will benefit. The economy will do well in the process. If this means clamping down on foreign companies operating in India, then, so be it. QED.
