IMF Podcasts
Raghuram Rajan on Blazing a New Path to India’s Development
Aug 15, 2024
Raghuram Rajan, former Reserve Bank of India governor and co-author of 'Breaking the Mold,' joins Rohit Lamba to discuss innovative strategies for India's growth. They emphasize shifting from traditional labor-intensive manufacturing to harnessing human capital. Rajan critiques the outdated development paths of other emerging markets, advocating for service-oriented growth and improved education. The hosts explore India's Production Linked Incentive scheme, the necessity of structured apprenticeship programs, and the importance of local governance in sustainable development.
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Quick takeaways
- India must transition from a labor-intensive manufacturing model to developing human capital through improved education and vocational training.
- To ensure sustainable economic growth, India should diversify its strategy by expanding service sector opportunities in response to global market shifts.
Deep dives
Challenges of India's Workforce Development
India faces significant challenges in developing its workforce amid its growing population and relatively slow economic growth. While some graduates, particularly from prestigious institutions like the IITs, find immediate employment, there are alarming gaps in literacy and basic education among younger students. This disparity highlights the urgent need for reform in the education system where many classrooms lack proper teaching and resources. Addressing these foundational issues is critical for ensuring a productive and skilled workforce that can cater to the demands of the economy.
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