India must focus on exports to achieve 10% economic growth, Arvind Panagariya, Chairman of the 16th Finance Commission, has said.
Panagariya also said that the temptation of import-substituting industrial policy is not unique to India.
'I have looked at successful countries such as...Singapore, Taiwan, South Korea, China, and India - these are the...high-growth examples.
'My conclusion is very clear - countries that have been open are the ones that have grown rapidly,' he said in an interaction with 'Foundation For Economic Development'.
He added that the intellectual support for industrial policy and import substitution remains strong in India.
Panagariya also explained how the global export market was worth USD 32 trillion in 2022, almost ten times India's GDP.
He pointed out that China acquired a very large share of certain products which gave the country a huge boost.
'For 3-4 decades, it grew at 10% a year,' the economist said.
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