Raghuram Rajan’s Vision for India's Future Growth & Development and the Sort of Country It Should Be

In an interview where he explains in detail a vision for India’s future growth and development and the sort of country it should be, which involves a radical rethinking of India’s politics and an economic strategy and is also very different to the vision of the present government, Raghuram Rajan has said that India should put greater focus on growth through the export of services rather than through export of goods and, at the same time, it must reinforce its credentials as a liberal democracy. He says this “is not my vision, it’s the vision of our founding fathers”. However, Raghuram Rajan adds, he has found a way of integrating their vision with the character of the sort of country India has become 75 years after independence.

In a 53-minute interview to Karan Thapar for The Wire, Raghuram Rajan said “our democracy and our economy need course correction”. He added “critical to our economic future is the need to strengthen our liberal democracy and its institutions … if … we allow our liberal democracy to deteriorate into populist majoritarian authoritarianism, it’s not just your economic future that will be jeopardised but our soul as a nation.”

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