Imagine being a merchant with only one major customer. That's the precarious position many feel India is in, constantly under the sword of dependency. Without alternative markets, you're at the mercy of a single buyer, and that’s precisely what's unfolding. Our manufacturing sector lags, contributing little, which explains why a nation housing 17% of the world's population accounts for a mere 3% of international trade, starkly contrasted by another major economy's 20%. If we had a diverse range of exports, many of our current challenges simply wouldn't exist.
A critical fallout of this imbalance is our incessant hunger for dollars. Without sufficient foreign exchange, how do we purchase essential imports like oil? This imbalance often leads to a foreign reserve crisis, reminiscent of the panic in 1991. Such a crisis wouldn't loom if dollars flowed in from a diverse array of exports, rather than primarily from IT services and remittances. Meanwhile, on the global stage, one influential leader is pursuing a curious strategy. This individual, widely perceived by many, including half their own nation, as making questionable decisions, seems unconcerned with medium-term consequences. With their term nearing its end and no possibility of a third, it appears their focus is squarely on the next three years – perhaps to secure a prestigious award – leaving the long-term implications for a major global power to others.
