Raghuram Rajan’s Vision for India's Future Growth & Development and the Sort of Country It Should Be
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- Опубликовано: 28 авг 2024
- In an interview where he explains in detail a vision for India’s future growth and development and the sort of country it should be, which involves a radical rethinking of India’s politics and an economic strategy and is also very different to the vision of the present government, Raghuram Rajan has said that India should put greater focus on growth through the export of services rather than through export of goods and, at the same time, it must reinforce its credentials as a liberal democracy. He says this “is not my vision, it’s the vision of our founding fathers”. However, Raghuram Rajan adds, he has found a way of integrating their vision with the character of the sort of country India has become 75 years after independence.
In a 53-minute interview to Karan Thapar for The Wire, Raghuram Rajan said “our democracy and our economy need course correction”. He added “critical to our economic future is the need to strengthen our liberal democracy and its institutions … if … we allow our liberal democracy to deteriorate into populist majoritarian authoritarianism, it’s not just your economic future that will be jeopardised but our soul as a nation.”
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INDIA is slipping into a Nation of few Very Wealthy and rest a struggling people.
GOD save our Nation.
I like the statement that "we need a government that empowers people who can protest not the government who empowers itself to suppress the protest "
Absolutely. That's the crux, I think.
Very well said...Hope irrespective of all differences every parties will understand this statement...
"When people fear the government there is tyranny,
When the government fears the people there is liberty." Thomas Jefferson.
Yeah like canada allowed 🤨
@@anujbhargava6247 are we tsalking about Canada, here ?...lame person !
Phenomenal interview with Raghuram Rajan ❤️🙏
But nobody gives him a job! lol
English madarsachaap 🤣🤣
phenomenal interview or phenomenal insight...!
Keep quiet pappu
Perhaps you don't understand economics , Raghu is useless like Nirmala , modi Adani and ambani
The interview was a MASTERPIECE.
Behind every brilliant interview there is a Karan Thapar (in my case)😄
Thanks indeed for the overwhelming quality.🙏
Including hydration interview.
dosti bani rahee
It is not a debate... it's a lecture. ❤️
Happy to hear as when I argued this in 1982 before the admission committee of Jamnalal Bajaj Mumbai I had possibly the longest interview among all candidates yet I was not given admission on practical considerations like
1. B.Sc. Botany and not Tech or Commerce ignoring that I competed with all to make to short list
2. Delay in results and unsure if one would get a First class as previous two years was 60% not accepting that I had targeted and would get 60% to ensure no doors are closed (got 60.5 %)
3. Focus on producing technocrats so focused on BE and B.Tech to boost manufacturing even as I argues future is in services as we need to leapfrog polluting manufacturing and our strength in banking, insurance, telecommunication, computers, space, and deep sea mineral mining . My mention that ultimate aim would be to harness living org DNA for data storage and computing as all advances are going in that eventual realisation.
4. My plea to get me started and not lose a year as I was waiting to learn Biz. for adding my bit to pool of talent to Biotech and Genetic engineering industries that India needs.
5. Mocked when I said I will be forced to get an overseas MBA if I don’t get into Jamnalal Bajaj.
Though I could not afford I fed get my MBA Investments and Finance from New York
All this is history 😃😃
So nice to hear Dr. Rajan and his thoughtful, insightful, and articulate views. So many brilliant people from/in India. It may take longer for India to be an economic superpower (than China), but India will be a better country.
With soo many idiotic foolish economic and political steps taken by indian govt, india is for sure doomed and comparing with china is just laughable! This govt also taking future oriented steps but i feel damage is bigger!
@Hearts N Eyes OpenWide Eyes OpenWide Democracy is far worth it than making everything speedy.
This foolish excuse of authoritative vs democracy is old hat ... Type child labor on RUclips and check the results ... India and Pakistan will end up economic slaves of China because they are stuck in a loop of religious hatred and violence ... Also primitive class systems ... Check how the trade gap is widening.
@@nayanmalig this foolish type mindset of disregarding other people options is quite old of right wingers as well. Type right wingers in RUclips and you'll know how things work.
@Hearts N Eyes OpenWide Eyes OpenWide The world is not waiting for India to develop.Sorry to say !
Raghuram Rajan emphasizes on exports of services to exports of goods. A new dimension which would definitely help in repair to the economy which has taken a toll by way of policy paralysis and the pandemic.
Raghuram Sir, you're definitely a great asset to our nation 🙏🙏
Would thank Karan for bringing Raghuram Sir for the meaningful discussion.
But sir will the uneducated cow belt listen? They have already destroyed Bengal
What an amazing interview! Thank you Karan for bringing it to us. And thank you both for tirelessly thinking for India!
More like how to screw Modi!!
quoting RR @30:00 "we don't need the gormint to be empowered against the people .. we need the people .. empowered against the gormint so that they can get much better services...."
Maybe you don't know how democracy works because that two old man don't know too. Democracy is run by political parties that are sponsored by the people, what people, have you sponsored any party lately? The people here means big corporations. Means all government will be indebted to the big corps and you think the government will take care of people like you, who never sponsor anything g for them? Forever India will be like this, dreams unfulfilled because you people likes to dream and not willing to get your hands dirty. Please carry on and see you in 10 years time. 🤣 🤣
Thats being an anti national
What you need is for people to work with the govt on common goals
Confrontation with your govt is bad save it for enemies
@@anujbhargava6247brother think for a while bro before commenting. Government is of the people for the people and by the people. Understand nthe context
@@AdityaChaudhary-oo7pr I dont comment generally - since you are young thought you shd think thru :-) i am well past my working life and seen it all
This is intelligent people talking one has knowledge about the subject he's asking questions about and the other who has in-depth knowledge about the profession he is in. 👍🏼👍🏼👍🏼
Why there are so many of these talking heads, all with good arguments and they sound smart, yet nothing is done in India, its a shocking poverty and few officials and monopolists that become rich. I have been watching a lot of these talking videos and these people are getting tiring and you start feeling that these people have no hope, don't you Indians wonder why nothing gets done? The answers is simple, you are a bunch of relaxed, complacent, talkative, stubborn and arrogant people, your only hope is try migrate to a western country. The only hope you have, is to wake up and realise that you need to become more like the Chinese, who are frightened, and as a result they are highly focussed, obedient and hard working. Watch this video and learn, ruclips.net/video/F9hvfLhH1jQ/видео.html
Every time Dr. Rajan speaks, we learn something new. What a man! and credit to Karan for conducting this interveiw beautifully!
Do watch his lectures as well. Freely available on You-Tube specifically that talks about NPA's.
We are in knowledge age. We have a democracy. A Democracy is respected the world over. Democracy needs to be protected and made more respectable and reliable. Then only we would be seen as a reliable country where data protection can be relied upon.
We are invcreasingly becoming a No data country, there is absolutely no data on anything in the country. We dont have Growth data, Helath data, Mortality data, crime data, almost all of what we get is just poor or shoddy data. And under many conditions it is unreliable.
See late Rosa Koire's view of modern governments and UN Agenda:
Rosa Koire Explains (UN) Agenda 21 and the Great Reset:
"All roads lead to Agenda 21.
The Great Reset, the Paris Accord, the Internet of Things, 5G, COVID 19, “Systemic Racism”, the Green New Deal, which is the banksters’ name for the New World Order.
Agenda 21 is the action plan to inventory and control all land, all water, all minerals, all plants, all animals, all construction, all means of production, all energy, all education, law enforcement and judicial systems; all information, all food and all human beings on the planet.
“It is an inventory and control plan. It’s about data-sharing."
@@PankajDoharey We don't even have data on number of cows roaming on the streets
@@PankajDoharey this is mainly post 2014 update. 'No Data' saves government from accountability. That's why even RTI is killed in the name of national security.
Democracy is a farce. There is no such thing as a respectable and reliable democracy. Imagine worshiping a coloniser imposed model of governance, with all the loopholes that allows for foreign interference especially coming from the West.
What our country needs is educated ,honest and non political PM like Dr. Rajan .
There is no substitute for
Dr. Raghuram Rajan as India 's
Future PRIME MINISTER.
He is cut above the rest.
Jaswant Patel, Valsad, Gujarat.
Good dream
He is the latest wizard on Sociology, cultural Guru. A pet of tge western academia and judgemental public intellectuals. I expect this "economist" to take charge as an all encompassing Guru. An avatar who has all answers in his head. Even when he was holding a Constitutional post as RBI Governor he violated every norm by badmouthing both the govt and Indian nation as such as boastful and petulant in public . By the way all new Budhas need to pivot their framework on an institutional platform , they often do that on their preferred political dispensation. The man is such an inelegantly partisan critic of the govt that he often crosses the line of objectivity and even ethics as as an academic of integrity. Eventually he comes around to his not too concealed distaste for the present govt especially its Head. His pet theme of late has been to lecture the country against going " communal" or "non inclusive" which according his 'critical thinking' is the core obsession of this govt. He seems obsessed to somehow score a gut punch to convey the message that this govt is neither morally nor technically fit to be at helm. To put it bluntly he misses the oversized attention and star image he received as RBI Governor. Sadly a brilliant economist is turning out to be a shrill and partisan critic.
He mucked up with npa and forex - you want more damage? Ran away from our country - one can go on - chose usa over india
We want Democratic socialism. Hit like if you agree
On the doctor's suggestion he made... the medical lobby in USA will never let something like that ever happen and Indian govt does not have the type of muscle to get them to agree.
I agree with you.the US Government will never let India be number 1 or 2. They will do what they are doing to China.
'Service' is not in our DNA, but 'Hunger' pushes us to do 'Service' with cheap compensation
When ever I listen to Dr Rajan, I always end up feeling that his services are needed in India, framing policies for the State, rather than an Americn university. Our right wing Govt at Centre's intolerence towards brilliant academicians and intellectuals, has put enormous cost on our Economy, impacting the lives of our brethern.
That was the plan since 2014. First remove all the people from government who are knowledgeable and sympathetic towards citizens of India. Then replace them with their stooges who are just 'yes sir's', cowards and care least for citizens. Everything was planned.
He is asking india to make a liberal democracy, which isn't something current government likes.
Worth watching, 10/10 in value, RBI miss u Raghuramji
It not a question of Land acquisition, rather a fair compensation instead of greedy politicians looting the very poor.
That part on decentralisation gave me goosebumps 👍🙌
Yeah..for me it gave orgasam
Rajan himself criticised blockchain technology and bitcoin.
Me tooo
I was listening to a person talking about how he hailed from a hamlet and had a nearby Jawahar Vidyalaya which gave him free education, after which he ended up a B Tech and an IPS officer. He is the lead officer who sent Asaram to jail. (Lallantop interview) Give opportunities to people and see how they shine! This country has those genes already !
RR being intellectual as always. Hope govt. listens to such interviews and try to implement some of his ideas.
Maybe you have been in a coma for 8 years, but the current government doesn't listen. It talks relentlessly though.
@@usazar But that doesn't mean that they can't listen to ideas like RR is giving now.
India is drowning into quicksand slowly, it is fact that the current govt. is not going anywhere for next 2 years at least. But can India wait for that long? Answer is NO.
Govt. needs to keep aside its ego and start listening to ideas from outside the party, I hope they do so for sake of India and its people.
The current govt is " Vishwa Guru" mind set... and WILL never listen or listen to Baba's and Yogi's or failed Mechanical Engineers like in case of Demonetization!
Yes this will if Raghu declares himself as Baba and dresses like one!
Next govt will listen to him
Indian Railways logged the highest-ever route electrification despite unforeseen challenges of the Covid-19 pandemic. A total of 6,015 Route Kilometre (RKM) electrification in the financial year 2020-21 has been registered, surpassing the previous highest of 5,276 RKM in the financial year 2018-19. Railways working to become the largest Green Railways in the world and is moving towards becoming a ‘net zero carbon emitter’ before 2030. Electrification of 68,155 route kilometre broad gauge railway routes by December 2023 is nearing completion. The Indian Railways consumes about 3 per cent of India’s total diesel consumption & this effort will result in net savings of Rs 3,793 crore annually. It will also lead to a reduction of 60 million tonnes of emissions annually
Wow Sir!!. Ur legend for my country! Sir we Miss u. Sir please save our country for ur knowledge 🙏.
Modi has been disastrous for India
Excellent lecture! at some point someone will go this course and i wish that day people remember dr rajan once suggested it long back.
The discourse is genuine and of high quality in accordance to the high reputation both Mr. Dr. R3 and Mr. Thapper enjoy in our country and abroad. Quite genuine and unique. This is from Balangir Odisha.
.....happy 😊😊 as first VIEWER...
KUDOS KARAN..
Much as I admire Dr. Rajan, I can’t help but feel that this discussion is like two friends having a Glenlivet fueled talk on a Friday evening and aided by the Glenlivet, coming up with a framework for solving the country’s biggest challenge - unemployment and growing inequality, and leaving the details for another time when the Glenlivet has weared off. While Dr. Rajan himself says multiple times that we should by all means try to get in investments in manufacturing (47:10) but should also look for alternative approaches such as the “export of services” model he talks about, Karan Thapar to me comes across as someone who’s more excited about this “new model” than Dr. Rajan himself. I think that leads to him not asking some important questions that if he’d asked, would have made the conversation richer. In fact Dr. Rajan does mention (48:22) that he’s working with friends to flesh out the details of this new “export of services” driven growth model.
The questions I have in mind are -
1. Dr. Rajan himself says that other countries are not very likely to allow Indians to physically move there to provide services and that we should look at exporting services by providing them remotely. There are already many services in the financial sector and a few others that are being provided remotely. Those jobs need a certain level of education that a lot of Indians haven’t been lucky enough to have. For those peoples’ incomes to be raised, what kind of services can be provided remotely by them ?
2. If the key premise is that more services can be provided remotely by educated Indians and that will create second order (low paying and not very steady) services jobs like cooks, security guards and drivers, isn’t that happening already ? What exactly are the new untapped opportunities and what exactly is the government supposed to do to help tap those ?
3. Instead of assuming that the messiness of democracy will not allow the necessary land and labour reforms to happen (that are key to getting manufacturing investments), why not think deeper, do some problem solving and come up with a framework that helps make that happen (including the political and social dimensions of the problem and their proposed solutions) ? Instead of avoiding that problem, should academia not propose solutions to it ? Isn’t that academia’s real value add ?
4. What about making agriculture profitable by shifting more people to steady and higher paying jobs in manufacturing or to these “new exportable services” ? Why not ask that question ?
Nitin Gadkari on Thursday (17 February) inaugurated and laid foundation stone of 51 National Highway projects of total length 1,380 Km with an investment of Rs 21,559 Crore in Andhra Pradesh's Vijayawada.
Very relevant interview - hats off to both of you. I just wish to add one more relevant issue - almost a non-existent justice system which takes too long to administer justice. I will not invest in India on a joint project, because if there is a civil issue with my Indian counterpart, I will stand no chance of getting justice (in time).
Its a real shame that intellectuals of Raghuram Rajan"s stature are not part of our government and policy making think tank ! Imagine, how much we can improve and benefit from his educated perspective on various matters. Great and objective insights, Raghuram Rajan, which is in striking contrast to many other academicians who are not bold enough to share their honest opinion.Thank you for the interview, Karan.
Excellent insights from a renowned economist, who truly believes in the immense potential of Indians,which if properly harnessed in the right direction can take our Country to great heights and a glorious future!
😂😂😂😂😆
"truly believes in the immense potential of Indians" to serve the West, not to develop India. Lmao. 🤣
Raghuram Rajan gave a new light about India's scope for EXPORTING SERVICES, and that it is immense, and India should explore the possibilities. India should not limit itself only to export goods.
Raghuram Rajan's reference to the children of Class IV employees is so touching when he spoke to them and found, when he was the Governor of RBI, that they are well qualified and are rendering frontline services.
He also expressed deep concern for the children who lost 2 years of learning during the pandemic , and that's going to a big loss, and remedial measures are indispensable to put them on track. Otherwise, they are going to be a lost generation as far their education and services are concerned.
Raghuram Rajan expressed immense trust in our people and their potential to render services, and this area should be explored, and alternatives found and supported by Indian government in a big way for the benefit of the country.
It was so enlightening to follow this interview where Karan and Raghuram Rajan exchanged a lot ideas, breaking new ground, pointing untrodden paths in a big way for India and its people.
🇮🇳❤️🇮🇳❤️🇮🇳❤️🇮🇳❤️🇮🇳❤️🇮🇳
These seems like brilliant ideas by a truly exceptional intellectual & globally regarded professional.
One would like to know what prevented him from implementing a few of the things, when he was CEA to Prime Minister MMS and then RBI Governer until 2016.
Infact one learns that India came to be categorised as one amongst the Fragile 5 economies by Morgan Stanley during his tenure.
Surprisingly, Karan does not pose these hard questions.
Also many of the things he recommends seem to in process, maybe in bits and pieces.
As per MEITY, Indian technology exports are set to reach $150 billion (excl. hardware exports), that certainly did not happen magically on its own. Surely some govt policy and prodding helped.
One wishes that KT use his brilliant interviewing skills in getting one of the articulate media friendly spokesman from the government to respond to specifics from Raghu's recommendations - say a Piyush Goyal, Jayant Sinha, Ashwini Vaishnav, Jyotir Scindia, Amitabh Kant (Niti Aayog CEO) or Sanjeev Sanyal (Principal Economic Advisor) or maybe the existing CEA Nageswaran, who just took over.
They need to respond to each of Raghu's supposedly brilliant recommendations for that ultimate recipe for the perfect economic n budget policy.
Without that, the viewer is left with knowing only 1 side of the story.
Surely, such a brilliant interview needs an equally strong & articulate rebuttal.
Ofcourse please avoid FM Nirmala, she is just too temperamental and looses her cool too much, not that she would easily oblige Karan Thapar 😊
was waiting for such comment to be seen ..
in the 800 comments of empty praises .
Hamare Loktantrik Desh Bharat mein Mahangai Aam Janta ko Rulaa Rahee hai aur Kasht Pahuncha Rahee Hai.---- Aam Jan Adhikar Manch, Buxar, Bihar.
......wow.... unbelievable... 😎😎
Raghuram Rajan Sir is still POSITIVE on AILING ECONOMIC SCENERIO of FEKUNOMICS.... 🔥🔥😭🔥🔥
Raghuram Rajan is always brilliant and Karan Thapar is no less.. excellent interview. If Karan Thapar is reading this, please do take the pain to release the next edition of 'The Devil's Advocate'
"Where there's will, there's a way !"
I admire Dr raghuram the way he speak, his dialogue is phenomenal n very meaningful n our govt politician should adapt n start to implement ...
As Govt is acquiring land for infrastructure in the name of Public good and later monetizing it by offering it to corporates to make profits, Why can't govt think of the land owners as partners and pay them royalty / profit sharing from Toll collection, instead of one time payment while doing the land acquisition. This will also reduce initial cost of project implementation.
As Dr. Rajan emphasis on Consultancy service export and as Iam a consultant my self, the hurdle we currently facing is the lack of availability of infrastructure (building with adequate internet, power and other facilities), difficulty of getting introduced to a client in other country unless you have an office there or have some well wishers of you who can connect you with the clients and also the costly softwares & hardwares which is a basic necessity for even starting delivering services. In the present scenario only well established companies or people with deep pockets can afford these basic requirements, so if we need to expand our consulting business to the international level, adequate and easily available support shall given to our consultants in the above mentioned areas, otherwise consulting business cannot be released from the grip of big companies which are usually foreign MNCs.
Thankyou for an enlightened talk.It shows us all in SAARC a way forward.
simply wow, hounrable Raghuram Rajan sir, very powerful econimic advice
A brilliant idea loaded interview with Dr. Raghu Rajan.
Founding fathers.. absolutely.. it's time for Indian youth to delve deeper into the real writings of founding fathers of Modern India.. and that cannot be learnt through snippets or Wattsapp or feeble translations in Hindi. Vivekananda or Bose or Rammohan Roy or Bhagat Singh has to be read in the language they spoke and wrote in to really understand how the present preachers are manipulating them for their own evil ideation
also Mahatma Gandhi, Rajendra Prasad, Jawaharlal Nehru, Sarojini Naidu, Maulana Azad, B R Ambedkar etc.
Actually, founding father is an American term. This confirms how Wire the Liar is not only phoren funded but the script is also written by phoreners.
@Ash Hegde Disagree. Indians talk about "Father of the Indian Constitution" & also "Mother of the Indian Constitution" i.e. Bhikaji Cama for designing the tri-colour. But, never Founding Father - that remains peculiarly American.
@Chintu Kumar are low man? write back when you are off the floor
@Ash Hegde there is no such thing as caste, it is a Western construct. More phoren, phony terminology. The phrase 'founding fathers' is strictly American, not used in India.
It's a good Hope & Believing on the Best be dragged out thru. political-economy that Dr. Rajan, well said 👏
Karan , Dr Rajan is working with TN Govt , As a Academic Consultant he is giving Mr.Stalin work for Governance and prove value to showcase Democracy works with Economic Governance ...
What struck me about the interview is that it's time we changed track and adopt a new idea to prosperity as a nation. We have been flogging the same horse for decades with very little to show in terms of the scale of improvement we need to create jobs and wealth. Let's face it, we missed the manufacturing bus long ago; now it is too late to catch up with China or even Vietnam.
Our strength as a people is our native intelligence, our willingness to study hard and succeed as a top professional - be it in medical science, computer science or legal service or anything else. We may be an argumentative lot but that churn throws up innovative ideas. We need to encourage our native talent by building world class educational institutions that will inculcate the spirit of innovation in young minds and banish the mindless rote learning that turns us into good babus.
The biggest barrier to realising our potential as a country is unfortunately our myopic politicians irrespective of the colour of their banner - they do not want anyone to threaten their power. An open society that Dr Rajan is suggesting would threaten our leaders who rule by diktats from the top.
Completely agree
You want a democracy where the public threatens the government? Wouldn't that lead to chaos and social anarchy?
@@porkysharma8423 In a democracy public is usually a threat to a non-working government. In a working democracy, usually the government listens to what the public has to say, what they need and want, and devise public policy accordingly. Unfortunately, we have had successive governments who thinks the public are fools, and therefore they need to be governed by diktat from the top. The problem with diktats, is it makes leaders into dictators, and dictators are eminently susceptible to corruption.
Lovely interview. I always respected economists. As there analysis are backed up by hardcore data and logics.
Economists are always wrong
It was a great loss to the country seeing Mr. Raghurajan departing from Governor’s office of Central Bank of India. Great vision that is inclusive and growth intensive building upon our strengths. Thank you Karan for having another magician on the show.
*सत्य के साथ खड़े रहने वाले*
*Those who stand with the truth*
It is great opportunity to have such a wonderful comprehensive discussion for Vision for India 🇮🇳.
Thank you Dr Ranjan and Karan sir .
RR must be our next FM. Only educated people can take our nation forward. Time for change 2024. Let's vote for change. Jai Hind.
Fortunate to know more closely in this interview, what an intellectual giant Raghuram Rajan is!
A Brahmin or baniya can be rich but not intellectual.
Modi ji has frustrated him to leave the post. Master of history is a RBI governor. How we can expect something called growth from current government. Salute to Dr for his vision and knowledge. By electing village government India will suffer long time where uneducated people rule over us.
As an ex Governor of RBI, whilst it was expected for Mr Rajan to be knowledgeable about economics, I find his prescription to propel India to high single digit or double digit growth bereft of reality. Whilst he uses reality as the touchstone on which manufacturing led growth not just for exports but for domestic consumption and replacement imports led consumption, the same yardstick is not used when he prescribed export led services growth model. For exporting services, these are high value services which he agrees cannot be delivered in situ due to immigration barriers and hence should be delivered remotely through data connectivity. So what does this call for ?
- 24x7 electricity at competitive rates
- un interrupted high speed and large bandwidth data connectivity at competitive rates
- ability to deliver these services from Tier 2 and Tier 3 cities and towns to keep costs of living low and provide competitive services globally
Besides the laws that he mentions and the judicial system reforms that he omits which means that any law passed would lack real bite if our judiciary cannot deliver prompt judgements. Meeting the above requirements to deliver high value services competitively on global scale would first require better roads and connectivity so that the unhindered migration to cities reverses. Whilst he acknowledges that we as nation failed to construct the acutely needed infrastructure not just for manufacturing and export of goods but also for enhancing the quality of life of our citizens, he is very coy in mentioning the tremendous work done in this regard over last 7 years.
This shallowness in his prescription doesn’t behove his stature.
Mr.Rajan Former RBI GOVERNOR was not favour of Demonitaisation when he was in the Post
The Central Government should taken his Advise.
Thapar sir I respect you so much, phenomenal interview as always;
The government has planned to increase the installed power generation capacity to 817 gigawatt (GW) by March 2030 to meet the future demand of electricity in the country. As on 31.12.2021, the Installed Generation Capacity of the country was around 393 GW.
Fantastic interview.. Thank you
Fantastic interview with good insights
Great vision person Raghuram Rajan must come back to Make our nation Great again.
Surprising to see Dr. Rajan's emphasis on Service Exports .. short sighted and anaemic view.
Service created without the strong foundation of manufacturing will never survive for long - especially because competition to service comes up easily, and tech plus AI will make service focus redundant.
Yes bro, manufacturing suffers from inflation by the skewed growth of service exports.
😬He was inclined to services due to his background. (It's natural for anyone....After all just an opinion)
Yes, Shri Raghuram Rajan’s advice for concentrating more on services sector is very sound as it suits us. It is difficult for India to compete in international market as far as manufacturing is concerned as we still have many infrastructural bottlenecks (or deficiencies) including power, high interest rates on bank loans, labour laws, cumbersome and opaque system and a plethora of regulations to set up manufacturing units.
Yes, if the Government can provide subsidy for the various deficiencies that we have than investors can think of setting manufacturing hubs. The Indian government has recently provided subsidy to semiconductor/chip manufacturers to set up industries in India.
Another area that needs fixing is the bureaucracy. Most of the bureaucrats are not business friendly and see themselves as regulator and not as facilitator. It is the bureaucracy that can galvanise the business by creating an investor and entrepreneur friendly environment.
Then indians shouldn't care about electrical and electronic devices which costs will increase.
What a great discussion
Absolutely fascinating. After China's massive manufacturing capabilities, definitely there is not much scope for replicating that model. All the points made are important and seem valid. However, decentralization in the hands of Ambedkar feared village groups is still a concern. Before doing so, lots of checks and balances will be required. Already we see a trend of giving does by states instead of creating job opportunities and other capital developments. We see municipal councilors and panchayat members getting rich overnight. So our hands are full with problems. Can we at least have a government which values each Indian equally and respectfully, create medical infrastructure to support expectant mothers to some age of young children, look critically at the current system of formal education to make it truly universal and on top of it to revamp the legal system to deliver justice in time. We have a whole lot of low hanging fruits but we need unattached (from corporate largesse) politicians to take on the system.
Good Education is the answer along with the farming cooperatives on verticals. Like Milk. There is a tremendous opportunity to start clones of Amul in areas like Chicken farms, Egg Production, Edible oil. Etc.
Great Thinking. New path for progress. Thank You Sir.
I think a big difference between PRC and India is social cohesion and solidarity. On PRC there is, on a whole, mostly a common identity. This means when the government which is viewed as competent takes action the issue of which identity group benefits is not part of the debate. What Modi is trying to do to replicate PRC is not "suppressing democracy" since I think the definition and relative benefits of "democracy" are vague and mostly overblown. What Modi is trying to do is to create a common identity. That identity seems to be the Indo-Aryan Hindu identity as the pan-India identity. Now, this does leave the Dravidians and Muslims, which is a significant chunk of the Indian population, out which is a real problem that Modi does not really address. But what Modi is trying to do is clear and I can see why he wants to do it.
I don't see in the last 7 years barring couple of cronies who belong to Aryan race, anyone else benefited in their either. Look at the entire Northern belt; I have seen people collecting oil from Diwali diyas lit up by UP government due to high cooking oil prices. So, don't fool yourself and others just because your ego don't believe in statistics when it comes to BJP and Modi. How would Aryans have benefited with below achievements of modi government:
Petrol prices all time high
Cooking oil price all time high
Unemployment all time high
Income inequality all time high - OXFAM report
Cooking gas prices all time high
Dollar price all time high
Private investment all time low
In Hunger index we are behind Bangladesh and Pakistan
So, don't behave like andh bhakt or BJP IT CELL DALAL, and accept the reality because unless you accept there is a problem,you can't solve it
Under Modi, the task of installing solar power plants ws completed at 960 stations and ordered solar power panels for 550 more stations. The Railways plans were part of its objective to become a net-zero carbon emitter by 2030, as it has a landpool of more than 51,000 hectares. The Railways plans to generate 33 billion units by 2030, 10 billion more than its current requirement. It also plans to install solar plants of 20 GW capacity by utilising its vacant land by 2030. This is real vision.
The way to govern the country in democracy is entirely different than non- democratic countries. What Raghuram Rajan trying to explain is absolutely right. Why we are failing is that reason at present. We are going wrong way that is not proper in democracy. Basically India is a poor country and we have run it accordingly and not try to run it like rich countries.
@Ash Hegde But that is democracy after all, majority over minority and populism over pragmatism.
@Ash Hegde Last time I have checked, only the majority party rules in a democracy. I wasn't talking about demographics, though in the case of India, it really does apply.
A brilliant Interviewer interviewing a brilliant Academician
I respect Raghu Rajan a lot. I fully agree with his socio-political views and argument for a strong liberal federal democracy, but not his economic vision. I think the manufacturing vs services divide is artificial - we need both given the sheer size and diversity of our population. A democracy is best suited for innovation - what India needs to do is to leapfrog from a resource driven to a mass market innovation driven economy, rather than the typical China and Southeast Asian route of cheap labour and subsidised infrastructure based copycat manufacturing.
IT employs only ~1% of the working population in India, but manufacturing employs 10% IIRC. If you want to provide jobs for the masses, to shift ur workforce from agriculture to jobs with higher incomes, then manufacturing is the way to go. It's good to have services too, but manufacturing is by far the most important sector for a developing economy.
Many of the innovators today like S. Korea or Japan were dismissed as copycats when they were in their early manufacturing stages. The reason they seemed so is in early stages it is important to learn how to make something that exists, rather than reinventing the wheel. After you have done that, you can improve and innovate.
Isn't that literally what he said? "Instead of putting all our eggs in that basket, why don't we consider another path WHILE we pursue an infrastructure and manufacturing led model".
Bro India's best institution like IITs and iisc doesn't come in top 200 universities rankings .... Number of paper publication in top journals are absymal .... Rote learning methods of Indian education and overemphasis on English in primary level education ( 6yrs -10 yrs) has destroyed critical thinking abilities of generations of Indian kids... Add to the mix religious mumbo jumbo belief oriented upbringing of child, adds another layer of bottleneck.
In India education is like obstacle ... If one overcomes it , one is entitled to comfortable life with social reputation...
Education for indians is not a value system or virtue or method self improvement.
What Dr Rajan has said is basic wisdom which should govern governance.It amazes me these have not driven the past and the present Governments to follow a model of governance
After such a long time, an intellectual and well directed interview came on the screen. Thanks for the valuable insights delivered on economic development and growth.
Such a beautiful talk.. ❤️
Even a common educated person knows that more export of goods and services from a country makes its economy recover and grow rapidly.
Hahaha...you are of course right...Easy to find fault but when you tell them to govern, they won't be able to do much.
It's ofc true but imagine, working hard to make all those goods and services only to satisfy foreign needs. US uses labor in China to get rich. India will use its own labor to get rich? So our people will always be worse off because US is capable of printing money from wars and USD hegemony.
Is it so , have u heard about Iron Gate of China, only export those thing in which u hold patent and ur citizen are not demanding.
Not to export those thing which is in demand with in country, otherwise it leads to inflation in commodity price
It was the vision of Rajivji made India a super power in software services. We should build on what Raghuram Rajan’s vision of India for future growth. As he had put it rightly, India has enormous potential for growth. Only people in power should understand this and do what is required to turn this vision into reality. Exceptionally brilliant presentation. Build on our strengths rather than inventing the wheel again.👍
Great discussion but when Government encourage people to worship Savarkar,Godse etc.& their destructive thinking then there is no place for such type of wisdom.
👍
Dr. Rajan's vision is Crystal clear that's the only way to empower india and strengthening most of it's population bound to live below poverty line. Why Indian leaders don't think difference between "Unskilled Labourers" and "Qualified Professionals or Consultants " which India can Export world wide, that help us to earn more and more Dollars instead of borrowing or begging..
26:32 / 53:34
Mr Raghuram Rajan is very optimistic about licensing Indian doctors in foreign countries such as the US. This licensing process is actually ran by doctors which want to protect their local membership's job and pricing structure. It is doubtful that they will open their privileges to outside doctors. But that doesn't mean there are no non-licensed lower value medical service jobs that they cannot export.
Indian doctors professors advocates are corrupt characterless and dishonest hindus that's why no one likes them
@@gurindersingh8109 why do you bring relegion in it?and yes lot if hindus work in west so.does muslims.I must say I did not approve of bombing air india plane carrying innocent Indians
With brilliance & authorisations holding power, He would be the best PM ..
Before 2014 Power Installed capacity=200 TWh (3 TWh per year since 1947 ); after 2014, Power Installed capacity = 393 Twh (rate has increased to 26 TWh per year)i.e. 9x improvement per year; over 68 years, this translates to 600x improvement. India already has excess power and earning forex by exporting across all of South Asia. If previous govts had done their part, India would have focused on renewables & improving the transmission infrastructure over the past 7 year
What's the source of this Good Looking Data ?
Give confirmed Source Only, Pls not from WhatsApp University.
@@eternalsoul3110 I guess your preference is RUclips university?
@@eternalsoul3110 pappu bhakt spotted.
🤣🤣
@@manavkumar4025 forign bhakt spotted!
Just brilliant, idea that Mr rajan shared.... Huge admirer..... Big fan.
Also, as Raghuram Sir rightly pointed out lack of pace in our infrastructure growth owing to the delays in the land acquisition and suppressing the wages of our work force.
Land acquisition and suppression are two different animals. If you pay the landowners 3 times the market value to move, would that be suppression?
@@bbharatillusion4574 I never claimed it to be one. The genuinity of the land acquisitions is the perspective of the government keeping in mind the budget estimate of the projects. I can refer to cases where the genuine compensation hasn't been made even after 4 decades of acquisition by the government.
@@jairajpillai7927 what ever Mr Raguram has said are not realistic as the real situation will never be that simple. Also, them saying an authoritarian state will not be fair to its people without any proof, but have you seen this report?
ruclips.net/video/FkePxUA6UE8/видео.html
I think this offer by the authoritarian government is anytime better than what you mentioned in not getting the compensation after 4 decades from a democratic government. They are free not to move too.. 🤣 🤣 🤣
@@bbharatillusion4574 Nothing is simple, simplifying is the job of the scholarly, not the likes who's prophecy is झूठ निर्भर भारत
Congress has done nothing on this …
So starved of intelligent thought provoking conversations..... Thank you for this breather!!!
Under the visionary Sagarmala Programme, the govt is setting up new mega ports, modernizing India's existing ports, developing 14 Coastal Economic Zones (CEZs) and Coastal Economic Units, enhancing port connectivity via road, rail, multi-modal logistics parks, pipelines & waterways and promoting coastal community development. Since the year 2014, cargo handling has increased by 42 per cent with the Sagarmala programme. Besides, efficiency efforts led to a gain of over 80 Million Metric Tonnes per Annum Capacity. Also, port connectivity has been enhanced that will lead to Rs 40,000 crore savings annually. There will be GDP growth by 2% and generating around 10,000,000 direct and indirect jobs.
Karan thapar interviews the best
Yo Karan. You content is amazing bro. Hats off to your perseverance and initiative, bringing such esteemed guests and sharing their knowledge with us all. Not to mention your homework and questions. You are leagues apart from the clowns and circus that is media. Thank you.
Excellent knowledge is shared , thank you Karan sir& Rajan sir
Brilliant Interview.An acclaimed economist talking like a seasoned statesman. May someday some thinking polititian will take note of your ideas and put into practice your carefully incubated ideas. Hats off Dr Rajan you are an exception in the sea of mediocrity
A complete module of economics delivered in just 50 minutes. Great
The wire👏👏👏👏
People with vision need not be in politics. Dr Abdul Kalam the people's President put forth his vision and now Rajan is putting his vision. it is time our politicians and the youths should take this and work on it. They should demand that our system changes to make India a modern nation.Thanks for this video which I enjoyed very much and hope to listen again to fully comprehend it. Bravo Welldone
BJP RSS KE HAAT SE HAMARA HINDUSTHAN KO BACHA LO 🙏🇮🇳
Dr. Ranjan, a true soul of India. Though thousands of miles away, but what a great idea of highly educated people trying hard for betterment of our/ there own country,
Very well said about the medical and other services, unfortunately most of our learned professionals only try to pocket for themselves. Sad our country is lead by illiterates and selfish people.
My highest regards to Dr. Ranjan. Hopefully look forward to meet up sometime in transit or Chicago.
I only pray that some one of our political parties may at least listen this program and many others.
Thanks to the organizers also.
A country needs 5G communication to compete. In services. Look at the growth of services in Philippines since 5G.
Thanks!