Promoting regional development

06 SEP,2020 | MEDC


 

Covid has put the spotlight on the local vs global debate like nothing before it. The changing realities could steer the national and global economy towards more regional (and shorter) value chains. Covid is certainly a tipping point in Maharashtra’s history, which will prod its economy in the direction of digitization, relatively protectionist stances in trade and investment, and stronger policy measures revolving around domestic socioeconomic sustainability. Nothing can be ruled out in these changing times, and prospects for economic growth are likely to shift much more noticeably towards the agricultural and MSME sector, which has a strong local bias. Competition for FDI will increase, and states will vie with each other for enhancing the ease of doing business, particularly in their rural areas.  The development of regional industrial clusters based on strong local value chains is to be welcomed. India needs to genuinely reorient itself towards regional growth and internal sustainability.

*Photo Credit: Google

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