Former RBI Governor Raghuram Rajan warns against India's economic growth hype, urges structural reforms
Rajan cautioned against embracing exaggerated narratives of India's economic prowess prematurely. He highlighted the necessity for sustained efforts to bridge the gap between rhetoric and reality, emphasizing the imperative for India to focus on substantive progress rather than superficial acclaim.
FollowFormer Reserve Bank of India (RBI) Governor Raghuram Rajan cautioned that India might be overlooking significant structural challenges while basking in the glow of its apparent economic growth. Rajan stressed the pressing need for India to address these underlying issues to unlock its true potential.
In an interview, Rajan highlighted the paramount importance of enhancing education and skill development within India's workforce, particularly given the country's youthful demographic profile, where over half of the 1.4 billion population are under 30 years old.
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Rajan cautioned against embracing exaggerated narratives of India's economic prowess prematurely. He highlighted the necessity for sustained efforts to bridge the gap between rhetoric and reality, emphasizing the imperative for India to focus on substantive progress rather than superficial acclaim.
Expressing skepticism towards Prime Minister Narendra Modi's ambitious vision of transforming India into a developed economy by 2047, the former RBI Governor labeled such aspirations as "nonsense" in light of persisting challenges in education accessibility and employment opportunities.
Highlighting concerning statistics regarding educational standards and literacy rates, particularly in comparison to regional peers like Vietnam, Rajan addressed the urgency of prioritizing human capital development to fuel India's growth trajectory.
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Rajan also criticized the allocation of government resources, particularly the prioritization of subsidies for chip manufacturing over investments in higher education.
