2016 the watershed year for advanced economy: Subramanian Swami

Calling to minds, the western economy's move to look inward and concentrate on their domestic economic fronts with a swap of economic models of development, the Chief Economic Advisor, Arvind Subramanian, termed the year 2016 as the 'watershed year for advanced economies' in his speech at the at the Hormis Memorial Lecture organised by Federal Bank in Kochi.

The major western economies- Europe and America have retreated from their open market policies transforming into more protectionist economies.

Alarming the nation about the broad impacts the protectionist trends in the global market may have on the Indian exports, Swami said that India's growth may suffer, as protectionism will prohibit the economy from growing more than 25 per cent.

Further, Swami summoned the Indian economy to become a significant international market by opening up for a larger segment of the globe, and also taking proactive decisions in making coalitions with the middle income countries, just like the Chinese economy which is heading towards a phase of phenomenal growth.