Statement of former RBI Governor, said – India should focus on domestic manufacturing and employment generation.

New Delhi : Former Governor of Reserve Bank of India i.e. RBI Raghuram Rajan has said a big thing on Thursday regarding India's infrastructure. He has given a statement that in the last 10 years there has been very good performance in sectors like infrastructure. But more efforts are needed in other sectors to promote local manufacturing and employment generation.

Rajan said in an interview with PTI that it is good for the government to focus on production of goods and services but it is also important to do this work properly. Answering a question on Narendra Modi government's initiative 'Make in India', he said, “I would say that the intention is good. I think in some areas like infrastructure we have done a lot which has been useful. But we have to check about other areas also.”

Make in India

He said that information should be gathered from critics about necessary steps in other areas and work should be done accordingly. He also advocated improving ease of doing business. The former Governor of the Reserve Bank described it as a package and said that it promotes economic growth. “If we focus on that, I think it will strengthen the concept of ‘Make in India’,” he said.

World Bank Businessmen

Rajan, currently a finance professor at Chicago Booth in the US, said that the government should ask businessmen about the difficulties they face and not just go by the World Bank's points related to ease of doing business.

third largest economy

Asked whether seven per cent economic growth would be enough to make India the third largest economy this decade and a developed nation by 2047, Rajan said, “If we grow at 7 per cent, then We will overtake Germany and Japan in two-three years. This is not something that is outside the realm of possibility.”

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developed nation

Along with this, Rajan has also said, “However, the most worrying thing is that when we say developed nation, what does it mean to be developed?” This is also a changing parameter. Apart from this, where will we generate high growth to become a developed nation by 2047?”

force consensus

Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by the year 2047. On whether the current coalition government can take forward economic reforms, Rajan said coalition politics could force greater consensus which would require a 'more alert, more sensitive and astute government'.

focus on education

He said that PV Narasimha Rao's government, which was the most reformist government, did not have an overwhelming majority, but it worked to bring together many allies to push reforms. When asked about the most important reforms in the third term of the Modi government, he said that the most needed is to focus on education.

(with agency input)