Business EconomyPosted at: Oct 31 2026 8:47PM


Hyd: Rangarajan calls for strategic reserves, stronger domestic production amid global uncertainties

Hyderabad, Oct 31 (UNI) Former RBI Governor and Chancellor of the ICFAI Foundation for Higher Education (IFHE) Dr C. Rangarajan on Saturday called for strengthening domestic production in strategically important sectors, building reserves of critical commodities and reducing dependence on imported energy to safeguard India's economy against global uncertainties.
Addressing the 16th convocation of IFHE here, he said India's 'Make in India' initiative should focus on serving international markets while maintaining global competitiveness, rather than pursuing indiscriminate import substitution.
Referring to unilateral tariff measures by the United States and the US-Iran conflict, which disrupted shipping through the Strait of Hormuz, Rangarajan said the two pillars of the international trading system — consensus on tariff rates and the free movement of goods through sea routes — had been weakened.
Observing that the world was moving towards an era of "might is right", he said India needed to recalibrate its development strategy to address emerging geopolitical and economic challenges.
He stressed the importance of adopting emerging technologies such as artificial intelligence, undertaking structural reforms, investing in physical and social infrastructure and strengthening knowledge and innovation.
Referring to global innovation rankings, Rangarajan said South Korea and China were placed fourth and tenth respectively, while India ranked 38th, indicating considerable scope for improvement.
In the absence of an effective multilateral trading system, he favoured free trade agreements with key trading partners, describing them as a "second-best solution".
He said the graduating students had an important role in shaping the country's future and described them as the "incoming leaders of change".
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