New Delhi, May 28 -- India should overhaul its approach to managing global economic shocks by prioritising targeted structural reforms over repeated reliance on fiscal subsidies, according to a white paper by Think Change Forum (TCF) on the ongoing West Asia crisis.

The white paper titled 'Economic Ringfence Amid the West Asia Crisis: A Three-Point Agenda for Export Competitiveness, Import Discipline and Trade Defence', has argued that rising geopolitical tensions are laying bare deep structural vulnerabilities in India's economy - particularly its dependence on imported energy, industrial feedstocks, and global supply chains, ANI reported.

The paper warned that India's longstanding approach of deploying open-ended subsidies to cushion ...