India’s former central bank governor, Raghuram Rajan says that India needs to grow faster. As of now, India has the third largest economy in India but continues to add approximately 12 millions workers into the job force every year. Rajan says that the current growth of 7.5 to 8 percent each year is easy and expected, and that India should be striving for the Chinese growth of the early 2000s, at least 10 percent. However, Rajan says that this all depends on the governments ability to speed up the land acquisition process that has stalled so many industrial projects. If this process is depoliticized, India may have a shot at quickly growing into the next industrial power.
https://www.google.com/amp/s/www.cnbc.com/amp/2018/03/19/indias-economy-needs-to-grow-10-percent-former-imf-chief-economist.html
1 comment:
It is interesting how this article talks about the economy in India and based on their analysis say that they need to grow at 10% every year. This kind of growth would be something really good for India and would be a great way to create jobs for all the new people that are entering the workforce, that they mention is about 12 million every year. At the end of the article, they mention that due to political reasons they don't think the current government could get this growth. This part makes me think if it is more a political oriented that economically oriented article, and is more a critique of the current government, but the numbers are still interesting and show what India should be focusing on, which is growth.
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