India’s Economic Future
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- čas přidán 13. 10. 2024
- Where is India Headed Today?
Raghuram Rajan, Rohit Lamba in conversation with Manaswani Bhalla.
bangaloreinter...
Breaking the Mould: Reimagining India’s Economic Future, is a first-time collaboration between Raghuram Rajan and economist Rohit Lamba. These two distinguished voices from the field of economics and public policy have put together a gripping book about the future of India’s economic development. There is a truly Indian path to prosperity, they argue, that builds on the strengths of our people and our political and societal frameworks. They examine fundamental policy choices that concern every Indian.
Where is India going today? Is it surging forward, having just overtaken the United Kingdom to become the fifth-largest economy in the world? Or is it floundering, unable to provide jobs for the millions joining the labour force? What should India do to secure a better future? Breaking the Mould: Reimagining India’s Economic Future tackles these critical questions that revolve around India’s growth and progress in the 21st century.
I completely agree, west isn't going to to want India being another China. They want our market. But they don't want us to be that rich that we challenge them
Some time ago I heard Ramghuran in one of his speeches saying that India should skip manufacturing and develop service industry. Today he seems to support the idea that India should start manufacturing like china. But he also says the West will not tolerate another china! What does he believe in?
He agrees with the Chinese model in his heart, but externally he can only deny it. Just like when the female host heard him praising the Chinese model, she said, "But there is no freedom." But how can we talk about freedom if we don’t have enough to eat?
The service industry is based on the economy and is dependent on agriculture or industry. How could it be skipped.
The service industry serves for the boss. If the boss is not you(country) , you just a servant , The boss will only invest in his own country first.
Interesting discussion. However I felt Reghuram spoke differently than he used to speak earlier. Today he is a politician eying for the post of FM in case INDIA alliance come to power ( unlikely ).
Comparing the growth of China which has a dictator government with India which is the worlds largest democracy is not appropriate . Our earlier government is equally or more responsible for our slow growth. Today the problem slow growth is a global issue where India is no exception.
Clearly you did not understand what he said.
India is the greatest turmoil amongst all the global compeititors.
The more I listen to him , the more I am convinced he is a eyeing for a political job in future. What is his contribution/reform to Indian economy while he was a RBI governor?
China messed up everybody's chances with Industrialization as All Now Wants to Manufacture in Own Nations. India's Challenges are China (quite a bit), Mexico, Vietnam, Bangladesh, etc while at High End Manufacturing, Nations like Ireland are there. Also, EASIEST PLACE TO AUTOMATE are HIGH-END + LOW-END MANUFACTURING including by 4D Printing, Self Healing Tech etc - ALREADY EXISTS IN INDIA Too (High-End Services Toughest to Automate)
MOST INDIAN STARTUPS in Funding MESS Too. NRIs + Foreigners with Indian Backgrounds Do Well Gaining Education/Experience Gaps Too from OUTSIDE INDIA - All-Round Integrated Education/Skills (Asian Regions Ahead of INDIA under World University, PISA Assessments, Global Innovation Index Rankings - S Korea, Singapore, Japan, Taiwan, Mainland China, HK, Macao, Israel, etc-India 40th under GLOBAL INNOVATION INDEX RANKINGS)
Challenge the INDIAN GOVERNMENT, DEAL with their statement "WORST STATES OF INDIA for Highest Poverty, Worst Literacy Education Skills, Worst Standards of Living for Most" Belongs to Bihar (125 Million+ People) followed by UP (240 Million+ People), MP, Jharkhand, Chhattisgarh, Tripura, Meghalya, Assam, Odisha, Manipur, Rajasthan, West Bengal, etc having 70% of India's Population (1 Billion+ People)
Again, Challenge Indian Government and Business Experts of Moneycontrol, Economic Times, Business Standard, The Financial Express, Live Mint as well as Indian Authorities too where India's Capital is New Delhi, India's IT Capital is Bengaluru though challenged by Delhi, India's Life Sciences Capital is Hyderabad, India's Manufacturing and Automotive Leader is TN which is Number 2 in India for Economic Side
Again Challenge Indian Government + Business Experts of Moneycontrol, Economic Times, Business Standard, The Financial Express, Live Mint as well as Indian Authorities too where India's Best States and UTs with 30% of the Indian Population Do Much Better than the Worst States of India having 70% of India's Population-like All of South Indian States and UTs, Maharashtra, Gujarat, Delhi, Himachal Pradesh, Goa, etc
1:14:50 It's weird that they argued against manufacturing for an hour but when it comes to female participation in labour force he suggests manufacturing as the solution.
the whole argument is quite half assed
He is a politician and not an impartial observer. He walked with "gandy" on Bharat Todo yatra.
There are only two types of people. People who think Rahu as the mesiah of our economy and think he has all the right solutions after listening to clips that are minutes long. And, there are people who think Rahu is just a walking contradiction full of bullsh*t and almost as biased as a policitian after listening to his entire speeches that are hours long.
He is not against manufacturing. he is pro manufacturing of ideas and products that are R&D (innovated) locally and then sold globally.
@@TheDonMan97 I think you mean the other way round, replace rahu with mod
To BIC fellas, please add time stamps.
Lets get the Manufacturing sector a boost,so that the channeling of the products takes a long turn and liberalize our economy as China.
His words must be taken seriously. We can't be so realistic to not take everybody into account. To be safe , it's important govt is listening. And yes, Delhi govt schools are the only schools in India , worth advertising as private schools. The Mohalla clinics are really good. Lake rejuvenation, Delhi road beautification. Aam Aadmi Party has done great job in Delhi.
That amount of the total surplus to be enhanced by 2047,thus there will be a great run of all sectoral development includes a macro Keynesian and IS-LM growth along with the great economization.
He is a political person or a economist?
The problems come from saying "we need products" - none of the 'products' you mention are actually stand-alone products - those days have gone. What these things are, are complex ecosystems. It is much harder to build ecosystems, particularly innovative new ones. What Apple has done over the years, has built ecosystems, and those have taken time - The Plateaus and Pits are features of the terrain and the value landscape - what one has to think of is ecosystems - and they need to serve this market before they serve the world.
Apple is just one example, tiktok is a small product with > billion in valuation.
Raghuram Rajan shouldn't mixed politics and purely focus on the merit of economics. Even though i dislike current dispensation in the country, as a rational thinker, I'd like to see him argue exhaustively over the socio and economic conditions in India
India has 1.4 billion people ~20% of human population.. how on earth can all these people get services jobs? Currently less than 0.5% of Indian population works in IT.. India can’t ignore any sector to meaningfully employ every category of its population! India is rightly investing in all sectors including startup India! The man seems to have a political agenda!!
What are Services? It's Not Just IT or Hairdresser, Education or Whatever Else. The Low-End Jobs are Easiest to Automate AND NOT JUST BY AI While TOUGHEST JOBS TO AUTOMATE and NOT JUST BY AI are Strategic Management Side, Relationship Building Side, Creative Ones though Even That Can be Automated a Bit But Still Not Easily Or Even Integrated Areas of Strategic Management, Relationship Building, Creative/Innovative Side, Technical and Analytical Areas
Lot of Your Manufacturing is 1 of the Easiest Places to Automate through Self-Healing Tech, 4D Printing, etc which was Partly Automated through Full Labour of Agriculture 1000s of Years Ago to using Tools, Industrial Revolutions 1, 2, 3. Heard of Rio Tinto, Other Mining Firms, Other Industries Too that for 10+ Years have been using Self-Driving Machines Instead of Human Drivers (Transportation is Part of Logistics and Supply Chain side via Manufacturing).
Low End Manufacturing, Low End Services Jobs which includes Old IT Services that India has been good at are the Easiest to Automate including via AI where Look at the Periodic Table of Disruptive Innovations (100 are There and Not Just AI). NEXT EASIEST To Automate are the High End Manufacturing including by AI WHILE High-End Services like Strategic Management, Innovation, Relationship-Building, Creative Sides Aren't as Easy to Automate including by AI even if bit creative AI exists but still not easy
Look at Data Science - Think Data Science is Just Natural and Formal Sciences - NOPE as Need Humanities including Arts, Social Sciences Along With Natural and Formal Sciences Too - That's the High End within Value Chain after the Chief Executives and Owners for Salaries, Shares, Bonuses etc while Many Other Jobs are Easy to Automate where Robots Too are Used ESPECIALLY Logistics and Supply Chain Side (MANUFACTURING) including Transportation
HIGH END SERVICES ARE TOUGHEST TO AUTOMATE WITHIN VALUE CHAIN Even by AI where GENERATIVE AI have ACCURACY ISSUES and SO ON - Designing, Marketing, Knowledge Systems including Strategic Management, Relationship-Building, Creative and Innovative Sides while HIGH END MANUFACTURING EASIER TO AUTOMATE THOUGH EASIEST TO AUTOMATE are Low-End Manufacturing, Services including by AI
As a creative, I completely agree with these two nor the colleges or the industry encourages innovation
great discussion..
Trying to be a Politician, this guy interviewing Rahul Gandhi or the other way was so hilarious.
1:19:50 Rohit sayin the exact opposite of what RR is saying for the second time.
no , no you are ignoring the nuance. Manufacturing that is followed by innovation is welcome. if that is not possible then focus on services is what they are saying.
@@shivaniinsitu Nah!.. I understood exactly what they are saying, with all the "nuance".
21:00 Dr. Rajan claims that there is insufficient focus on education and health because of over centralization. This is incorrect on two counts:
1) India spends a higher proportion of its GDP on education and health than its peers at a similar GDP per capita.
2) You wont get as much credit for improving schools in a large state simply because most of the population is rural and its principle engagement with the government pertains to agronomics.
The emphasis on caste based reservation and creating skilled workers is going to be a big stumbling block. A free market is required for the labour market to create world class skilled labour force.
Inspiring to the core, a great analysis by Dr.Raghuram Rajan regarding our country's economy.👍🏼
Duh! Yes, if you like to hear an idiot speak.
@@ddb0831China messed up everybody's chances with Industrialization as All Now Wants to Manufacture in Own Nations. India's Challenges are China (quite a bit), Mexico, Vietnam, Bangladesh, etc while at High End Manufacturing, Nations like Ireland are there. Also, EASIEST PLACE TO AUTOMATE are HIGH-END + LOW-END MANUFACTURING including by 4D Printing, Self Healing Tech etc - ALREADY EXISTS IN INDIA Too (High-End Services Toughest to Automate)
@@ddb0831MOST INDIAN STARTUPS in Funding MESS Too - NRIs + Foreigners with Indian Backgrounds Do Well Gaining Education/Experience Gaps Too from OUTSIDE INDIA - All-Round Integrated Education/Skills (Asian Regions Ahead of INDIA under World University, PISA Assessments, Global Innovation Index Rankings - S Korea, Singapore, Japan, Taiwan, Mainland China, HK, Macao, Israel, etc-India 40th under GLOBAL INNOVATION INDEX RANKINGS)
@@ddb0831TN is the 1 with the MOST NUMBER of TOP TERTIARY EDUCATIONAL INSTITUTIONS from INDIA Also Though Where is India for TERTIARY EDUCATION? NOT EVEN 1 Top 100 World University From India while S Korea, Singapore, Japan, HK, Mainland China, etc EACH HAVE Few Top 100 World Universities (NRIs + Foreigners with Indian Backgrounds Do Well Gaining All-Round INTEGRATED Education and Experience Gaps FROM OUTSIDE INDIA WHICH THEY MIGHT HAVE)
@@ddb0831Additionally, India Got Knocked in 2009 PISA Assessments for Reading Comprehension, Mathematics and Sciences where SINCE 2009, India Hasn't Participated in PISA Assessments (INTEGRATED EDUCATION is there at Couple of Schools like Don Bosco, Doon School, Scindia School, Lawrence School Lovedale etc WHILE MOST SCHOOLS OF INDIA Way Behind)
17:52
One fun fact is India can grow and develop without Mr. Rajan. He should focus on Biden and his poor economic policy back at home.
Some people cannot take good advice.
@@ragul3204 nothing good in his advice
The amount of times Rahuram contradicts himself in his speech/discussion is actually just insane.
Dr. Rajan should contest the General Elections in 2024 and throw his hat in the ring for Congress' next remote controlled PM. No more hiding.
Everyone cheer for Dr. Rajan.
Very unconvincing argument.
I am not an Indian, but I got more confused with the whole presentation of these two gentlemen. With all due respect, they seem to contradict themselves time and again.
@@MattsFikezolo-lo7wq Yes. Cause the aim of their argument is not to present an alternate development model, it is to convince people that everything the current government is doing isn't good enough.
Whatever Rajan is stating about healthcare, nutrition and school education , is not new. I have been hearing this for 45 years. He has no detailed suggestions on HOW TO IMPROVE these. Why is VIETNAM AHEAD OF US, UK IN SCHOOL PERFORMANCE? People like Rajan shpuld study this and MAKE DETAILED RECOMMENDATIONS.
Vietnam isn't ahead of USA and UK thanks though South Korea, Japan, Singapore, Taiwan, Mainland China, HK, Macao, etc are which can be seen under PISA Assessments for Mathematics, Sciences and Reading Comprehension along with Denmark, Canada, Estonia, Switzerland, Australia, etc (India hasn't taken part in PISA Assessments since 2009 where it came 2nd Last that time though 1 of Current Worst for PISA Assessments is Philippines which is taking part)
Global Innovation Index Rankings too, Asia's Best are Those Same Regions - S Korea, Japan, Singapore, Taiwan, Mainland China, HK, etc where Israel Too is there while US is 3rd after Switzerland which has been 1st for a while now followed by Sweden (India is 40th, climbed from 81st in 2015) (India Also Doesn't have a World Top 100 University while Mainland China, HK, Singapore, S Korea, Japan etc have Few Each)
USA is World's Leader for Capital Markets though USA has Highest Inequality in the Developed World because for 60+ Years, it focused on Capitalism a Lot. Heard of Nordic Countries, Austria, Switzerland, etc? The World's Best for Most Human Development Rankings + Most Economic Development Rankings are Currently Those Nordic Nations Followed by Switzerland, Austria, Belgium, Australia, NZ, etc that has Socialism + Capitalism BOTH
Challenge the Article "What is Economic Inequality" (of July 27 2023) by the Council on Foreign Relations (American Think Tank) where US has the Worst Gini Coefficient amongst Developed Countries Indicating USA has the HIGHEST INEQUALITY within DEVELOPED WORLD (In 1965, CEOs of American companies earned, on average, twenty times more than their typical employee. By 2020, that ratio had soared to 351 to 1)
Challenge the UBS Global Report, Top 3 Countries with the Highest Median Wealth are Belgium, Australia, NZ while US Isn't there Within Top 10-20 in the World and Switzerland is 5th though Mean Wealth USA is 2nd after Switzerland while Australia is 3rd. USA has the HIGHEST INEQUALITY within DEVELOPED WORLD (Australia DOESN'T HAVE TIPPING CULTURE Unlike USA, India, etc)
All of his ideas are short-sighted, we can do both . We have enough people, money and scale to improve manufacturing and education to do both in order to make stuff within india and make huge IP for multi nationals . FYI 80% of service sector job is going to be destroyed by narrow AI , so manufacturing is going to be the only thing that is sustainable for country's future . Please stay in america and forget about india .
You think Manufacturing Doesn't have AI? Maybe look at the Periodic Table of Disruptive Technologies where there are 100. Heard of 4D Printing, Self-Healing Technologies too - there for clothes, roads and so on where India too has it? In fact, the Easiest Jobs for Automation and Not Just by AI are Low-Level Jobs in Manufacturing, Services, Construction, etc (Automation began 1000s of Years back with Agriculture where Full Labor went to Using Tools Too)
What are Services? It's Not Just IT or Hairdresser, Education or Whatever Else. The Low-End Jobs are Easiest to Automate AND NOT JUST BY AI While TOUGHEST JOBS TO AUTOMATE and NOT JUST BY AI are Strategic Management Side, Relationship Building Side, Creative Ones though Even That Can be Automated a Bit But Still Not Easily Or Even Integrated Areas of Strategic Management, Relationship Building, Creative/Innovative Side, Technical and Analytical Areas
A lot of Your Manufacturing is 1 of the Easiest Places to Automate through Self-Healing Tech, 4D Printing which was already partly automated through Industrial Revolutions 1, 2 and 3 before. Heard of RIO TINTO , Other Mining Firms, Other Industries Too that for 5 to 10 Years have been using Self-Driving Machines Instead of Human Drivers in Last 5 to 10 Years (Transportation is Part of Logistics and Supply Chain side via Manufacturing).
Low End Manufacturing, Low End Services Jobs which includes Old IT Services that India has been good at are the Easiest to Automate including via AI where Look at the Periodic Table of Disruptive Innovations (100 are There and Not Just AI). NEXT EASIEST To Automate are the High End Manufacturing including by AI while High-End Services like Strategic Management, Innovation, Relationship-Building, Creative Sides Aren't as Easy to Automate including by AI even if bit creative AI exists but still not easy
Next, related to Education, Focusing a Lot on Natural and Formal Sciences of Physics, Chemistry, Computer Science, Mathematics and Biology Alone Aren't Enough as NEED INTEGRATED EDUCATION - Why?
❤ pappu 2.0 , Trump is coming back