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The Critical Analysis of Self Reliance as Indian Foreign Policy: An Economic Perspective

Megha Goyal, , Anubhav Goyal1 , Megha Goyal2

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International Journal of Political Science 10(2):p 131-141, July - Dec 2024. | DOI: http://dx.doi.org/10.21088/IJOPS.2454.9371.10224.7

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Anubhav Goyal, Megha Goyal. The Critical Analysis of Self Reliance as Indian Foreign Policy: An Economic Perspective. Int J Pol Sci 2024;10(2):131–141.
 

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Received : N/A         Accepted : N/A          Published : N/A

Abstract

The current destabilising events near India’s frontiers, such as the Russia-Ukraine War, one of the worst periods in Pakistan, China’s persistent threat to annex Taiwan, the Taliban seizing control of Afghanistan and the world trying to recover from the effects of COVID 19 have made it a mandate for India to be self-reliant from the production of pharmaceuticals, meeting the needs of the nation’s agriculture and the requirements for defence for two front wars to start manufacturing export quality electronic products. The most important factors in geopolitics are one’s soft and hard power and each country concluding agreements that are in their own best interests through self-sufficiency. So, India developed the “Atmanirbhar Bharat” plan to achieve self-sufficiency, and as a result, the nation is implementing aggressive domestic and external policies to achieve independence in number of industries. Using the soft diplomacy to maximize the benefits from both economies, the nation is attempting to strike a balance in its relations with Russia and the United States. Oil, agricultural fertilizers, defence contracts, and market access are all enjoyed from Russia. Increased soft power, expanded relationship with the west, and a platform for production of technology are all benefits of the USA. Since there will be a high demand for technology in the upcoming years, producing electronic goods at an export-quality level will guarantee an economy driving at a good GDP growth rate, resulting in a strengthening of FOREX reserves, and ultimately preventing the rupee from depreciating significantly against the dollar which makes the following five to ten years crucial for the nation. Based on potential success of sectors such as defence, agriculture, electronics, pharmaceuticals; India may be able to join the global supply chain in that specific industry, allowing for longterm economic growth and development.
 

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Cite this article

Anubhav Goyal, Megha Goyal. The Critical Analysis of Self Reliance as Indian Foreign Policy: An Economic Perspective. Int J Pol Sci 2024;10(2):131–141.
 

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DOI: http://dx.doi.org/10.21088/IJOPS.2454.9371.10224.7

Keywords

Self-reliantDefenceElectronic itemsAgricultural productspharmaceuticals.

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