Raghuram Rajan said that the youth of the country need jobs, and should be distracted by social media and fake news, but it will only work for a long time.
|Former RBI Governor Says “If India does not create enough jobs, young people will take to the streets (in protest). It will only work in so many days.
💠📀💠Rajan said that for export, one should be able to import products that can be exported at affordable prices.
💠📀💠He noted that the country needs to look at the overall expenditure and that it is no longer a free check book, the targeted expenditure can help if used wisely and prudently.
💠📀💠 Former Reserve Bank of India Governor Raghuram Rajan on Wednesday said, “If India does not create enough jobs, young people will take to the streets (in protest). It will only work in so many days.
“Unemployed youth have this and this can be directed for a while but if they don’t create job opportunities they will come down the street going to fail to divert attention with social media fake news,” he said.
Speaking on the webinar of the Center for Financial Studies at the SP Jain Institute of Management and Research in Bhaban, he also warned against import substitution under the government’s ‘Atma Nirvar Bharat’ initiative. He said that “this is a path that India has tried to follow before but has not succeeded
“If the Atma Nirvar Bharat initiative focuses on import substitution through tariffs, which we have done a lot in the last few years, I think there is a path that we have tried before and it has failed. I want to be careful against going that way.” Do, ”Rajan said.
Rajan said that for export, one has to be able to import those products which can be exported at affordable prices.
Referring to China’s growth, Rajan said that China’s rise as an export power was behind the rally. “It has brought in staff, put it together and started exporting. To export you have to bring in imports. He will not levy huge tariffs and will not focus on creating the right environment for production in India,” he said.
As for targeted government spending, he said, it could be effective in the long run. It will help to look at the overall expenditure of the country and it is no longer a free check book, if the targeted expenditure can be implemented wisely and carefully.
He added that the country needs to work to fix its financial system, and said that 50% credit to GDP we do not yet have a healthy financial system. “We are failing in terms of quantity as well as quality”.