India is making a big mistake by relying on the ‘hype’ about its strong economic growth. There are significant structural problems in the country, which need to be addressed. Only then can India develop to its full potential. Former Governor of Reserve Bank of India (RBI) Raghuram Rajan said this in an interview given to news agency Bloomberg. He rejected Prime Minister Narendra Modi’s goal of making India a developed economy by 2047. Raghuram said that talking about this target is ‘nonsense’. If many of your children do not have a high school education and the dropout rate is very high. Trusting propaganda is India’s biggest mistake. Raghuram Rajan said, ‘India’s biggest mistake is trusting propaganda. It has taken us many years of hard work to make sure that the hype is real. Politicians want you to believe the propaganda because they want you to believe we have arrived. But succumbing to that belief would be a serious mistake for India. Improving workforce education and skills after the elections is a big challenge. Raghuram said that the biggest challenge before the new government after the elections is to improve the workforce education and skills. Without getting this right, India will struggle to take advantage of its young population. In a country where more than half of the 1.4 billion population is under 30 years of age. Talking about jobs and workforce, Raghuram Rajan said, ‘We have a growing workforce, but it is beneficial only if they are engaged in good jobs. “I think what we’re facing is a potential tragedy.” He said that India first needs to make the workforce more employable. At the same time, secondly there is a need to create jobs for the workforce available with us. Literacy rate in India is lower than other Asian countries. Raghuram Rajan, citing research, said that after the Corona epidemic, the learning ability of Indian school children has declined to the level before 2012. Only 20.5% of class 3 students can read class 2 book. He said the literacy rate in India is lower than other Asian counterparts like Vietnam. These are the kind of numbers that should really concern us. India needs a lot of work to achieve 8% growth. Talking on the growth of the economy, Raghuram Rajan said that India needs a lot of work to achieve 8% growth on a permanent basis. The government estimates it will reach more than 7% in the coming fiscal year, making the country the world’s fastest-growing major economy.
