Former chairman of SEBI Ajay Tyagi writes | The New Abnormal: Global institutions, consensus are fraying under pressure from protectionism

The clamour for de-globalisation and protectionism has reached a crescendo in recent times. While it is natural for countries to prioritise their interests, the environment of growing distrust and reactionary policy actions is worrying. The public posturing of leadership, without fully comprehending the consequences, is even more concerning. The supply-side disruptions during the last three years have wreaked havoc on the world economy. To demonstrate resilience, countries have been racing to adopt policies that ostensibly build self-reliance and self-sufficiency. Some policies also aim at exploiting the opportunity and becoming a part of the disrupted global supply chains. Many such policies…