The Nifty and the Sensex have opened the day on a poor note with marginal losses after yesterday’s modest gains.Join us as we follow the top business news through the day.9:30 AM‘In order to export, you have to import’: Raghuram Rajan cautions against import substitution Former Reserve Bank governor Raghuram Rajan on Wednesday cautioned against import substitution under the ‘Aatmanirbhar Bharat’ initiative of the government, saying the country has gone down this route earlier but could not succeed.“If the focus (under Aatmanirbhar Bharat initiative) is on import substitution by erecting tariffs, which we have done lot of in the last few years, then I think it is a direction we have tried before and it has failed. I would caution against going in that direction,” Mr. Rajan said.He was addressing a webinar organised by the Centre for Financial Studies at Bhavan’s SPJIMR.Mr. Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.“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 right environment for production in India,” he said.