Renowned economist and former RBI governor, Raghuram Rajan, has outlined a compelling vision for India’s economic future during his recent appearance at the Kolkata Literary Meet. Launching the book Breaking the Mould: Reimagining India’s Economic Future, co-authored with economist Rohit Lamba, Rajan emphasized the critical role of education, healthcare, and governance reforms in propelling India towards becoming a developed economy by 2047.
India’s Growth Trajectory
Rajan began by acknowledging India’s commendable achievement of maintaining an average growth rate of six percent over the past 25 years. However, he underscored the need for a higher growth rate of over seven percent annually if India aims to attain developed country status by 2047. According to Rajan, achieving this target would lead to a significant rise in per capita income, placing the country in the low middle-income bracket.
Foundations of Development: Education, Healthcare, and Governance Reforms
A recurring theme in Rajan’s remarks was the emphasis on building a robust foundation for economic development. He highlighted the imperative of governance reforms alongside a focus on education and healthcare. Rajan argued that these pillars are not only essential for individual well-being but also serve as key drivers for economic progress.
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Balanced Growth and Inclusive Development
Rajan stressed the importance of balanced growth across all sections of society. He noted that consumption growth is currently skewed towards the upper-income levels, calling for measures to ensure that the benefits of economic development reach all strata of society. In this context, he urged for prioritizing education and healthcare, ensuring that these sectors contribute to inclusive growth.
The Role of High-Value Products and Research
To sustain growth, Rajan and Lamba emphasized the need for India to focus on producing high-value products and conducting research. This strategy aims to support entrepreneurs in capturing the high-end of the value creation trajectory, positioning India as a global leader in innovation and technology.
Decentralization of Education and Bottom-Up Growth
Rajan advocated for the decentralization of education and endorsed the concept of “bottom-up growth.” By promoting a localized and community-driven approach to development, he believes that India can harness its diverse talents and resources effectively.
In conclusion, Raghuram Rajan’s vision for India’s economic future revolves around a holistic approach that combines education, healthcare, and governance reforms. As outlined in Breaking the Mould: Reimagining India’s Economic Future, achieving a growth rate of over seven percent annually, along with a focus on inclusivity and innovation, is crucial for India to emerge as a developed economy by 2047. The path forward, according to Rajan, requires concerted efforts, strategic planning, and a commitment to building a strong and sustainable foundation for the nation’s prosperity.
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Sources: NDTV, Business Today, Telegraph
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This post is tagged under: Raghuram Rajan, Economic Future, India’s Development, Governance Reforms, Education, Healthcare, Sustainable Growth, Inclusive Development, Economic Prosperity, High-Value Products, Research, Bottom-Up Growth, Decentralization, Kolkata Literary Meet, Breaking the Mould, Rohit Lamba, Per Capita Income, Demographic Dividend, Economic Vision 2047, Innovation, Global Economy, Balanced Growth, Community-driven Development
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