Indians’ belief in country’s economic future has diminished, says Raghuram Rajan | Indians have lost faith in the country’s economic future: Raghuram Rajan

Photo: PTI

Indians have lost faith in the country’s economic future: Raghuram Rajan

New Delhi: Former Reserve Bank of India (RBI) governor Raghuram Rajan has said that Indians’ confidence in the country’s economic future has waned in recent years. He said that the COVID-19 pandemic has affected sentiments more deeply and many middle class people have gone into poverty. While addressing an event of NALSAR University of Law via video conference, Rajan said that while the domestic stock market is growing rapidly, it does not reflect the reality that many Indians are in deep trouble.

“Our confidence has eroded a bit in recent years. Our confidence in the economic future has eroded. The pandemic data has eroded our confidence even further, while many of the middle class have gone into poverty.” RBI has lowered the growth forecast for the current fiscal to 10.5 per cent. to 9.5 percent, while the IMF has forecast a growth of 9.5 percent in 2021 and 8.5 percent next year.

Rajan said the emphasis of economic programs should be on creating good jobs, while states are reserving jobs for local people, undermining the idea of ​​India. “As our economic performance declines, our democratic credentials, our willingness to debate, our ability to respect and tolerate differences are being affected,” he said, adding that India’s involvement in international trade agreements is taking place. The need to be was also emphasized. Rajan, currently a professor at the University of Chicago’s Booth School of Business, said that growth that doesn’t take everyone along is not sustainable.

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