Majorityism will be extremely dangerous for India’s future and it must be resisted at every step, said Raghuram Rajan, a prominent economist and former RBI governor.
Speaking at a webinar, Rajan stressed the need to make the government more responsive to criticism by removing some legal limitations.
“Our tendency towards pluralism has many consequences, all of which are counterproductive … it is against every economic policy,” he warned. Known for his outspoken views, Rajan said that India needed inclusive growth and that the country could not achieve inclusive growth by considering any part of the population as second class citizens.
According to him, pluralism divides India at a time when India has to live together in the face of external threats.
“The way we see majority playing out, in a sense it will be very dangerous for India’s future. I think it should be stopped at every step, “said a prominent economist.
Rajan, now a professor at the University of Chicago Booth School of Business, says India has strong growth today but needs to be careful about the number of growths.
“Any increase must be celebrated. But we cannot ignore the fact that strong growth is out of the catastrophic numbers posted in the last fiscal year, “he said.
Prominent economists have noted that India has been performing poorly since the global financial crisis.
“We haven’t created the good jobs we need … Despite strong growth, we’re significantly below the pre-epidemic trend line,” he noted.
According to Rajan, India’s export performance has been good but not spectacular.
Prominent economists have called for increasing the participation of women in the Indian labor force.
He added: “Even during the slow growth of the last decade, India has had some success but we have to do better.”
Noting that data is needed to make the right decisions, Rajan said, “We need a learning government. We should stop suppressing data, be it unemployment data or covid death data. ”