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Evolving Global Trade Architecture And Return Of Industrial Policy – IMPRI Impact And Policy Research Institute

Evolving Global Trade Architecture and Return of Industrial Policy

Session Report
Swetha Shanker Pydimarry

#Centre for the Study of Finance and Economics (CSFE) IMPRI Impact and Policy Research Institute, New Delhi, had organised Fundamentals of PUBLIC POLICY- Cohort 2.0, an online spring school program and a one month immersive online introductory certificate training course to simplify the complex field by thoroughly exploring the reasons, limitations, and various aspects of public policy

The fourth day of the Fundamentals of Public Policy cohort 2 delved into the intricate interplay between fiscal matters and international concerns, shedding light on key issues impacting global trade architecture, industrial policies, and the future of manufacturing. Distinguished speakers, Mr Aashish Chandorkar and Mr V Ramakrishnan, provided their insights into the evolving dynamics of the global economy, emphasising the imperative for strategic policy interventions to navigate complex challenges.

Session Highlights

The session commenced with an exploration of the fiscal workings of nations and their implications on the global trade architecture. Mr.Aashish Chandorkar highlighted the role of industrial policy in shaping economic trajectories, emphasising its evolving definition over time. Insights were shared on the significance of understanding global trade dynamics in fostering economic growth and competitiveness. He emphasised the importance of a ‘nation first’ approach for development and highlighted emerging issues such as the pandemic’s impact on national health security, armed conflicts, food security, and shipping lane disruptions.

Evolution and Impact of Multilateral Rules-Based Orders

Mr. Chandrokar’s session delved deeply into the intricate evolution and consequential impact of multilateral rules-based orders, meticulously scrutinizing institutions such as the IMF, World Bank, and WTO. Through a historical lens, he contextualized the formation and development of these institutions, elucidating how their policies have been shaped by prevailing neoliberal ideologies. By weaving together historical narratives with contemporary analyses, the speaker provided participants with a holistic understanding of the multifaceted nature of global trade governance. 

Moreover, Mr. Chandrokar’s emphasis on the need for cautious consideration of trade policies within the modern global context sparked profound reflections among attendees. His insights underscored the complexities inherent in navigating the global trade landscape, prompting participants to critically evaluate the implications of policy decisions on both domestic and international economic dynamics. 

Mr. Chandrokar’s nuanced approach highlighted the importance of balancing economic interests with broader societal and environmental concerns, encouraging participants to adopt a more holistic perspective when formulating trade policies. Furthermore, his session facilitated discussions on the evolving role of multilateral institutions in shaping global economic governance. Participants engaged in debates on the effectiveness of existing institutional frameworks and explored potential avenues for reform to address contemporary challenges such as income inequality, environmental sustainability, and geopolitical tensions. 

The distinguished speaker’s thought-provoking analysis prompted attendees to consider alternative approaches to global trade governance, fostering a spirit of innovation and forward-thinking within the group. In essence, Mr. Chandrokar’s session went beyond surface-level discussions, delving deep into the historical, ideological, and practical dimensions of multilateral trade governance. 

Global Industrial Policies and Future of Manufacturing

The speaker provided an elaborate discussion on emerging global industrial policies and their implications for the future of manufacturing, particularly in India. His insights on production-linked incentives, sector-specific competencies, and the collaborative role of industry, academia, and government in fostering innovation resonated profoundly. 

Mr. Chandrokar’s nuanced analysis sparked discussions on the potential pathways for India’s manufacturing sector, reflecting the collective desire for a robust and competitive industrial landscape.

Mr. Chandrokar delved into India’s export potential, advocating for a ‘nation first’ approach to prioritise national interests. He touched upon sectoral competencies, risk mitigation strategies, and the delicate balance between protectionism and free trade which were met with keen interest from participants. The distinguished speaker’s pragmatic insights into the nuances of trade policies and their implications for India’s economic trajectory provoked thoughtful deliberations, highlighting the imperative for strategic decision-making to maximise export potential while safeguarding national interests.


The emphasis on collaboration, innovation, and strategic decision-making underscored Mr. Chandrokar’s commitment to fostering sustainable economic growth and competitiveness. 

Furthermore, Mr. Chandrokar’s adept analysis of industrial policy’s role in shaping economic trajectories prompted participants to reflect on their own national contexts. His insights provided valuable perspectives on the diverse approaches adopted by different nations in pursuit of economic prosperity. This comparative lens encouraged participants to critically evaluate their own policy frameworks, identifying areas for improvement and innovation. 

Throughout his session, Mr.Chandrokar’s clarity of thought and depth of insight captivated participants, fostering an environment conducive to robust dialogue and exchange of ideas. The speaker effectively distilled complex concepts into digestible insights enabling participants to grasp the nuances of global trade dynamics, empowering them to engage meaningfully in discussions on economic policy. All in all, the session served as a catalyst for informed discussions and critical reflections, laying a solid foundation for future engagements in the realm of fiscal policy and international trade.

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