Last Updated : Jun 25, 2020 10:50 PM IST | Source:

India needs to integrate with global supply chain for holistic development: IMF's Gita Gopinath

This, she said, holds true for all countries including India that want a bigger share in the global export market

At a time when the Centre has given a clarion call for an 'Atmanirbhar Bharat' or a self-reliant India, International Monetary Fund (IMF) Chief Economist Gita Gopinath said the country needs to look at implementing policies that facilitate integration with global supply chains instead of 'backing off'. This, she said, holds true for all countries, including India, that want a bigger share in the global export market.

In an interview to CNBC-TV18, Gopinath said even as many countries are reassessing the benefits of globalisation, greater integration with the world would generally be the best practice. She said for countries wishing to give manufacturing a push and have a job-rich recovery, being a part of global supply chains is the best practice as they would need their intermediate goods from the rest of the world.

The IMF on June 24 reversed its growth projection for India in FY21. It's latest estimate projects a contraction of 4.5 percent for the country's economy this fiscal.

She said the latest revision is on account of two main reasons - one is the longer than anticipated lockdown and the second is the health crisis in the country due to the COVID-19 pandemic has not yet abated as the number of cases continue to rise despite containment measures in place.
First Published on Jun 25, 2020 10:50 pm