Indian Economy
Raghuram Rajan explores strategies for India's economic future in ISB discussion
Hyderabad/UNI: Former Reserve Bank of India (RBI) Governor, Raghuram Rajan, shared insights into key strategies that can propel India's growth in the coming decades during a discussion on his latest book, 'Breaking the Mould: Reimagining India's Economic Future,' at the Hyderabad campus of the Indian School of Business (ISB).
Engaging in a conversation with Bhagwan Chowdhry, Professor of Finance at ISB, during a special event on Sunday evening, Rajan underscored the importance of focusing on untapped human capital for India's economic growth.
He emphasised, "We have to focus on India’s most important asset, which is its human capital.
"We have 1.4 billion people, more than any other country in the world. If we can train a large number of these people well, then we have access to so much in terms of value creation! I would say, Let’s start with that. Figure out what’s going wrong there and fix it."
The book, co-authored with economist Rohit Lamba, offers a reality check on India's processes and approaches, proposing practical paradigms to fast-track the nation's growth and foster innovation.
Responding to a question on infrastructure development, Rajan acknowledged historical deficiencies in implementation but noted recent progress in government initiatives.
He also highlighted the importance of addressing issues like malnutrition before setting grand economic goals, emphasizing the long-term impact on the labor force.
In advice to young people, including ISB students, Rajan encouraged entrepreneurship, stating, "You can do the multiplier effect by taking up entrepreneurship.
"This is what people expect from business schools." Co-author Rohit Lamba urged the youth to engage with ideas and debate constructively.
Rajan, the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth, attended the ISB-NBER annual conference on Economic Policy and the Indian Economy before the book discussion. The conference featured discussions by notable economists, including Viral V. Acharya and Professor James Poterba.
Raghuram Rajan served as the 23rd Governor of the Reserve Bank of India from September 2013 to September 2016 and was previously the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006.
His research interests include banking, corporate finance, and economic development.
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