Former reserve bank of india (RBI) governor Raghuram Rajan has cast doubt on India's ability to achieve its target of becoming a developed nation by 2047, as set by prime minister Narendra Modi's government. Rajan highlighted significant structural challenges facing the country, particularly the need to enhance education and skill development among workers.
In an interview with 'Bloomberg,' Rajan criticized the emphasis on strong economic growth propaganda without addressing fundamental issues. He emphasized the importance of improving education, particularly ensuring access to high school education and reducing dropout rates, to make any development goal viable.
Rajan warned that India's growing workforce would only be an asset if they have access to quality employment opportunities. He expressed concern over the potential tragedy of a large workforce being underemployed or unemployed due to skill mismatches or lack of job opportunities.
Highlighting the impact of the COVID-19 pandemic on education, Rajan stressed the urgency of making the workforce employable through education and creating new job opportunities.
Rajan also criticized the government's focus on high-profile projects like chief manufacturing instead of prioritizing improvements in the education system. He advocated for a pragmatic approach, citing China's Deng Xiaoping's philosophy that the effectiveness of policies should be judged by their outcomes rather than ideological preferences.
In essence, Rajan emphasized the need for india to address its structural challenges and adopt a pragmatic approach to achieve its development goals, rather than relying solely on economic growth propaganda.
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