Wrong turn inwards: Exports no longer a manufacturing priority for India

For consumer welfare, greater economic resilience, a stable trade deficit, and sustainable growth, the country needs to start looking outward for new markets

India is fortunate to have a large base of domestic consumers, which, to some extent, insulates the economy from the tides of global demand. But this does not mean that growth and economic security can be attained without the help of a healthy focus on exports. Unfortunately, the numbers suggest that this process is not currently underway in India. In fact, if anything, matters have moved in the opposite direction. Within the private corporate sector, in spite of some notable success stories in sectors such as mobile handset manufacturing, there has been a shift away from, and