Former RBI Guv Raghuram Rajan
Rajan, who is also a prominent economist, said that “we certainly have higher growth than many economies in the world, the question is what level of growth do we need because we are a poor country.”
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In an interview with NDTV, Rajan said: “Growth over the past few years has been insufficient for the kind of jobs we need. This 7% is partly a rebound from the pretty bad rates of a while ago. a few years. But I don’t think 7% is something to laugh at.”
“Jobs are basically the first job of the economy. We don’t need everyone to be a software programmer or a consultant, but we need decent jobs.”
Rajan, has in the past warned that India is failing its young people by failing to build capacity to educate them, forcing them to go abroad for courses such as medicine. He also said India should focus on services instead of blindly following the Chinese model of manufacturing-led growth. These services, like those of good doctors, can then be sold abroad.
In his interview, Rajan said India’s growth figure was better than other countries. However, he pointed out that the country still needs more growth due to its vast population.
There are no shortcuts here, he said, adding that the country must increase the skills base and education of its people.
“We are in grave danger for the generation that will be leaving school in the next 10 years,” he added.