Majoritarianism will be extremely dangerous for India’s future and it should be resisted at every step, said the noted economist and former RBI Governor Raghuram Rajan on Saturday.
During a webinar, Rajan stressed the need to make the government more responsive to criticism by removing some of the legislative restrictions on criticism.
“Our trend towards the majority has enormous consequences, all negative … it goes against all economic principles,” he warned. Rajan, known for his sincere views, said that India needs inclusive growth and that the country can not have inclusive growth by treating any part of the population as second class citizens.
According to him, the majority policy is fragmented, it divides India at a time when India must stick together, given external threats that the country faces.
“The way we see the majority policy unfolding will in some ways be extremely dangerous for India’s future. I think it should be resisted at every step,” said the prominent economist.
Rajan, currently a professor at the University of Chicago Booth School of Business, said that India has strong growth today but one must be careful with growth figures.
“Of course, all growth should be celebrated. But we can not ignore the fact that the strong growth comes from catastrophic figures published in the last financial year,” he says.
The prominent economist pointed out that India has underperformed since the global financial crisis.
“We have not created the good jobs we need … despite the strong growth, we are well below the pre-pandemic trend line,” he noted.
According to Rajan, India’s export performance has been good but not spectacular.
The eminent economist stressed the increase in female labor force participation in India.
However, he added: “Even in the last decade of slow growth, India has had some success but we need to do better.”
Noting that data is needed to make the right decision, Rajan said, “We need a learning government. We should stop suppressing data, whether it’s unemployment data or covid deaths.”