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India is a labour-abundant economy. This abundance is in low-skilled labour, given that almost 80% of its working-age population does not have even a higher secondary education, with only an eighth of the working-age population having studied beyond high school. While India adds 8-10 million people to its labour force annually, roughly 2 million are college-educated or beyond. There is also a wide variation in the quality of degree programmes across India, most of which cannot impart marketable skills. Thus, high-skilled workers are scarce.
Raghuram Rajan said he is happy that India is outperforming his expectations of 5% GDP growth. In this exclusive interview, he cites three reasons explaining why Indian economy grew faster than his prediction. The first two reasons - the industrial world did not slow down as was anticipated and muted Chinese demand for commodities - are not India's doing. "The third is enormous infrastructure investment by the government in the first two quarters of this year. That is what went right," Rajan said.
India is not attracting enough manufacturing through China Plus One strategy, says Raghuram Rajan thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
As the first rays of 2024 paint the Indian horizon with hues of anticipation, the economic canvas reveals a blend of promise and complexity. Recent growth figures, showcasing a robust 7.6 per cent surge in the third quarter of 2023, cast a radiant glow akin to the dawn of a new year.
The Hindu on Books | Raghuram Rajan on India's economic future, growing up in Aligarh, the year's best coffee table books and more thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
"You don’t get other perks that government officials get, you don’t get a pension. But you get I think medical facilities," said ex-RBI Governor Raghuram Rajan in a podcast.
Raghuram Rajan on India's economic future, growing up in Aligarh, the year's best coffee table books and more thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
The National Stock Exchange of India, which is larger than the BSE by transaction value, has now taken Hong Kong’s place as the seventh-largest bourse.