GUWAHATI: In a warning against the prevailing optimism surrounding India's economic growth, former Reserve Bank of India (RBI) governor Raghuram Rajan cautioned against succumbing to "hype."
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In an interview with Bloomberg, Rajan emphasised that India faces significant structural challenges that must be addressed to realise its true potential.
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As per reports, in the interview to Bloomberg, Rajan highlighted the pressing need to focus on improving education and skill development within the country's workforce. He underscored that despite the touted economic growth, India still grapples with fundamental issues such as high dropout rates and inadequate education standards.
"The greatest mistake India can make is to believe the hype," Rajan asserted. "We've got many more years of hard work to do to ensure the hype is real." He pointed out that political rhetoric often fosters the illusion of rapid progress, cautioning against complacency and emphasising the necessity for sustained efforts towards genuine development.
Expressing skepticism about India's prospects of achieving developed economy status by 2047, Rajan dismissed such aspirations as "nonsense" in light of prevailing educational challenges. He emphasised that a significant portion of India's youth lacks access to quality education, casting doubts on the feasibility of ambitious long-term goals without addressing these underlying issues.
Rajan further drew attention to the importance of creating employment opportunities that offer meaningful livelihoods to India's workforce.
"We have a growing workforce, but it is a dividend only if they're employed in good jobs," Rajan remarked. "And that's, to my mind, the possible tragedy that we face."
