Raghuram Rajan and Rohit Lamba on India's Untraveled Path to Prosperity

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Follow the link for the full summary: bcf.princeton.edu/events/ragh...
On Thursday, May 23, Raghuram Rajan and Rohit Lamba joined Markus’ Academy for a conversation on their new book “Breaking the Mold: India’s Untraveled Path to Prosperity.” Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. Rohit Lamba is an economist at New York University, Abu Dhabi.
A summary in three bullets
○ The book's conceptual point is that, with China having driven rents down from low-skilled manufacturing, and with rise in automation and near and re-shoring of supply chains, how can countries with a demographic dividend grow? How should we think about structural transformation after the global industrialization?
○ There is a new pathway for growth for India based on services, both direct and those embedded in manufacturing, as the leading export sector. Rather than pursuing industrial policy, India should focus on fixing its deficiencies, prioritizing human capital in addition to the physical capital. This includes investing in education and healthcare, fostering innovation and creativity in high value-added sectors, and doubling down on democracy and rule of law.
○ India currently has a severe jobs problem. Promoting job creation is important because it will allow India to leverage its demographic dividend. The key question is: will India grow old before it grows rich?
Timestamps:
[0:00] Markus’ introduction and poll questions
[6:47] The old pathway to growth and India’s job problem
[19:46] The new pathway
[46:44] Q&A

Пікірлер: 2

@rahulmeshram07 Ай бұрын

There are other reasons for unemployment that Prof Rajan do not talk about 1) there is crony capitalism in country 2) privatization of govt jobs and less in number 3) effect of demonitization, covid 4) very minimal hiring in govt sector 5) private sector has become profit oriented, not enough hiring 6) govt lousy schemes agnivir, killing of well paid teachers job, banking jobs, railway jobs 7) even universities positions are filled based on political ideology nexus. 8) Exam paper leaks and failure of govt. Prof. Rajan gives only half truth on problem of unemployment.

@goyanka01 Ай бұрын

Western employment model doesn’t apply to India. India is a entrepreneurial mindset country rooted in the ethos of society before colonialism. The shoving of population forcefully or in planned way over the years is a western industrial model. Indian model is family based business and Indian women doesn’t need to work. There is a concept of generational wealth concept that west doesn’t understand and keep comparing to its own standards, which will not work.