Raghuram Rajan Update: Former Reserve Bank of India Governor Raghuram Rajan has praised the work done in the infrastructure sector during the last 10 years of the Modi government. Rajan said, India has performed well in sectors like infrastructure in the last 10 years, but more efforts need to be made in other sectors to promote domestic manufacturing and employment generation.
Rajan praised Make in India
Raghuram Rajan said in an interview to PTI-Bhasha, the government’s focus on the production of goods and services is the right step but it is also important to carry out this work in the right manner. Raghuram Rajan, while answering a question related to the Make in India initiative of the Prime Minister Narendra Modi-led government, said, I would say the intention is good. I think we have done a lot in some areas like infrastructure which has been useful. But we should also think about other areas.
Government should listen to critics
Rajan said that the government should gather information from its critics about the necessary steps in other sectors and work accordingly. He emphasized on improving the ease of doing business. The former RBI governor called it a package and said that it promotes economic growth. He said, if we focus on that, I think it will strengthen the concept of Make in India. Raghuram Rajan said, the government should not dismiss the criticism of its policy by saying that there is some vested interest or a hidden agenda in it.
It is important to focus on education
When asked if a growth rate of 7% is sufficient to make India the third largest economy in this decade and a developed nation by 2047, Rajan said, “If we grow at 7%, we will overtake Germany and Japan in two-three years. This is not something that is out of the realm of possibility.” He said, “The biggest worry is that when we say developed nation, what does it mean to be developed? Apart from this, where will we get high growth to become a developed nation by 2047.” When asked about the most important reform in the third term of the Modi government, he said that the most important need is to focus on education.
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