Former RBI Governor Raghuram Rajan on the state of the Indian economy has said that our situation is better than others, but problems may increase in 10 years due to not creating employment opportunities. The rate at which inflation is rising can deepen the crisis. Taking a jibe at Modi, he said that his government considers only those who admire the policies of the Centre. Everything else is wrong in the eyes of Modi government.
In an interview to NDTV, he said that the global economy is going through a crisis. The global economy has been greatly affected due to Covid. We are a poor country. Growth has been inadequate for the kind of jobs the need has grown over the years. Former Governor Raghuram Rajan said that we have to increase the skills of the people and speed up the education sector. In the next 10 years, the youth who will graduate after graduation, they will have to be given skill base education, only then jobs will be increased.
Raghuram Rajan said that dialogue is very important in a democracy. In the last few years, the government has taken several decisions without extensive consultation, such as demonetisation, three agricultural laws, etc., leading to public outcry and protests. Said that in a democracy it works when you communicate. Dialogue is an endless cycle, which must go on.
Raghuram Rajan said that RBI has done a good job of increasing the foreign exchange reserves in India, saving India from the problems of neighboring countries like Pakistan and Sri Lanka. He said inflation has been one of the major issues in the last few months. During the debate in Parliament in the Monsoon Session, the government announced that it was due to external factors like Covid and Ukraine-Russia war but it is not so. There are other factors also responsible for this, which need attention.