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India has embarked on the path of self-reliance with no clear road map. This paper highlights the need to demystify the concept and argues that any path to self-reliance would require creating new productive capabilities that would be determined not by what the country can produce but what it can export. Following the “product-space” perspective, promoted by Ricardo Hausmann
We will soon have the Union Budget for 2021-22. Apart from policy announcements made, the Budget is about the Union government’s annual statement of receipts and expenditure. Receipts can be non-tax or tax. Most people want the Centre to spend. Indeed, as economists argue, multiplier benefits of government expenditure exceed those of tax reductions. That is, if there is going to be an expansionary fiscal policy, that is better accomplished by increasing government expenditure, not reducing taxes. Of course, to increase government expenditure, one needs to find resources without imposing cos...