Prof Rajan and Prof Lamba are mostly right. Where I think they are missing the point is that there is not an either/or. India has a population of 1.4 B. We have something like 800-900 million people of working age! We can do the innovation part, and we should absolutely do that, but we should not just let the mass manufacturing bus that can employ a huge population pass us by. We should have a well diversified economy composed of low skilled manufacturing, high tech manufacturing, low skilled services and highly skilled services. We can and should absolutely do all of it.
RR is a learned intelligent and experienced person. That makes me wonder more about his intention behind making India's quest to generate for capital intensive jobs as binary i.e. if India is concentrating on this that means India is neglecting creating jobs up the value chain. I would understand if my Uncle who is a Phd from Whatsapp University, say something like this, but RR knows Indian economy and policy making too well to make such comments. India as RR himself says, has done well in the services sector. Thats not because of past Govt policies but inspite of it. So Indian talent at the upper side of value chain hardly needs as much support. India is already a big player in Chip design. Also, it was very strange objection related to Govts support for Microns factory. It is common sense that when we want to establish an ecosystem we need to provide the viable gap funding/additional support for big players to come and set-up shop. Every country does that via subsidized land/tax waivers/subsidized loans etc. I see why many Indians these days straightaway discount what RR says these days and why its easy to consider his words as politically biased. It is such a shame that it has come to this.
Theoretically he is expert & excellent but any Indian baniya is much more expertise in practical field. Adjustments & modifications are on going process to keep the economy vibrant. The present Govt & RBI chief are doing great. His views & saying hardly matters.
Dr. Rajan and Dr. Lamba are looking at the economy from very elitist angle. They need to understand that India is a country with 140 crore population. Ideas they are taking is suitable for just top 1% of the population. Remaining 99% will not have any role in the high end services economy these guys are taking about. This 99% population will work in Agriculture, Manufacturing and services.
Demonetisation went wrong. He predicted this and told the government at the start. But the stupid government never believes. At least the government should believe him now to build a better India in future.
@@Nothing90080 stop living in hangover, if it was wrong then Indian economy would have collapsed and govt would have fallen. Demo' is not just about containing black money its also about stop printing the excess currency and also about containing fake currency which congress never tried to solve it. Do you know that any currency with handwritten stuff is same as foiled currency
@@Nothing90080Sir people make mistakes. It was a massive blunder no doubt. But India is now growing every single year. Please look at the last few years. India is growing anywhere between 6.5 to 7% a year in spite of a war, energy crisis and corona related impact for heck's sake.
@@Nothing90080 Please have a careful look at the current global environment before you make comments about what needs to be done. We are in the middle of a cost of living crisis, war and broken global economics thanks to two years of a devastating global pandemic. Ten percent growth needs an enabling global environment to attain which simply dosent exist. We live in a globalized world due to which external factors play a key role in influencing growth. We need to be happy with what we have currently because that itself is a monumental achievement. Most countries with similar economic charecterstics are not even able to grow 3 percent leave alone the 6.5 to 7% India is growing at currently.
@@Nothing90080not 3.25 dear, world bank data is 2 years old and Forbes data is 1 year in future, so If you see current GDP of india its 3.75 and if talking about 40T economy then according to world bank in year 2070 india will be worlds second biggest economy with 52T economy and china at first with 54T economy. I hope this helps
@@Nothing90080 yeah, we will become developed nation till then, im not saying that, Forbes and Bloomberg got many articles on that many claim that untill 2040 india would become almost developed nation because of rapid growth in GDP and investment and construction
@@Molest09 What other developed countries do with already having 10T. Are they plucking flowers in INDIA Or pause their growth. Think about it before believing blindly for caste.
