In a recent episode of “The Ranveer Show,” Indian economist and member of the Economic Advisory Council to the Prime Minister of India, Sanjeev Sanyal shared insightful perspectives on the challenges of economies heavily reliant on a single natural resource.

Sanyal highlighted the risks associated with such dependence and commended Dubai for its proactive approach in diversifying its economic activities. By consciously steering away from a sole reliance on oil, Dubai has positioned itself as a resilient and forward-thinking city, capable of thriving even in a post-oil era. Sanyal’s observations shed light on the importance of strategic planning and the need for nations to broaden their horizons beyond finite resources.

In the interview, Sanyal expressed, “I would like to point out that if your entire economy, particularly if you are a large population, et cetera, is entirely based on a natural resource, several problems occur out of this.”

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“If we go past oil… Interestingly, Dubai is the likeliest to survive out of that shift because they have built capacities and other things,” Sanyal explained.

The economist highlighted Dubai’s efforts to develop capacities and establish a robust foundation that extends beyond oil. By actively promoting industries beyond fossil fuels, Dubai has positioned itself as a frontrunner in preparing for a future that may transcend oil dependence.

Sanyal emphasized the significance of avoiding over-reliance on a single resource. His comments echoed the need for nations to diversify their economies, thereby mitigating the risks associated with volatile resource prices, global market fluctuations, and the inevitable decline of finite resources.

*Watch the conversation, 00:45:00 minutes onwards.

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