Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
Referring to China’s growth, Rajan said that China’s rise as an export power came on the back of assembly. “It brought in the stuff, put it together and exported it out. In order to export, you have to import. Don’t erect huge tariffs and focus on creating the right environment for production in India,” he said.