Every country which had become rich had a unique way of creating wealth. So India should not replicate (development models like china) but create her own model of growth.
Magnificent talk by the very brilliant Dr Raghuram Rajan , very very important and relevant for India's growth. As expected Dr Rajan has covered a very wide spectrum with comprehensive information. Thank you Sir
As long as India is strong in English they will continue to grow. Otherwise services sector is a dream But we cannot minimize manufacturing. Most idiotic to export iron ore and pay a premium on importing steel. India needs to innovate and employ their people. The world should be our customer. It’s so myopic to be a servant offering services for ever for rest of the world. You will only be a second fiddle economy By the way cleavelend clinic will be virtual soon
Strange that no sincere question on the thesis that why India should focus more on Services. Whereas actually the biggest opportunity is in the manufacturing sector today with the disruption in the supply chains ...... already shouted out by post of the renowned experts on economy and international trade
I think what he meant was having a competitive advantage. Even if the manufacturing jobs do leave China in a significant way, India has to compete against countries like Vietnam, Indonesia etc who have much better infrastructure and business environment than us. Compare that to a service, for e.g, writing documentation in English for a new product. East Asian countries are not good at English, but they do need to write such documentations for their manufactured product. Here, we can easily come in and do a good job, since Indians are in general better at English than East Asians. This is just one of many example. In economics, the country that has a competitive advantage succeeds in exporting, whereas countries with a competitive disadvantage finds importing it to be more beneficial. That's one of the reasons why globalization worked.
@@aakashdeepsarkar9503 Globalization in past has worked more for already Developed countries and has weaken developing countries and made less ATMANIRBHAR. For India (worlds most populous country) Manufacturing is key for large scale job creation and more equitable economic development. Further, not very sensible to compare India with countries having smaller population size as far as finding solutions to economic issues. You are right as far as economics is concerned. But Globalization also involves Geopolitics, National security, National interest, Trust between nations, etc. which are valued higher than economic advantages. Last point : The huge Demographic Dividend which India will enjoy in the next few decades, can be leveraged to its fullest potential with manufacturing being promoted with razor sharp focus approach. I believe we will definitely see this happening in our lifetime ! Hope better sense prevails. thanks
@@kirtijain13 I disagree with your assessment, but I commend that you are willing to listen to opposing views and argue rationally unlike other people. I won't embarrass you by countering your arguments. Rather I'll ask some questions and hope that you try to find the answers yourself. 1. What does ATMANIRBHAR really mean? Does it mean that we manufacture goods and take it to the global market to compete with other nations. Or, do we manufacture and sell to only Indians. 2. If we intend to go global, what are the advantages we have compared to countries like China, Vietnam etc. What are the disadvantages? Is there an imbalance? 3. If we only intend to sell in India, then are there enough people have the money to afford the goods that we sell. 4. Domestic manufacturing is incentivized when the size of middle class in a country is expanding at a commensurate rate. This is because you expect to sell your product to more people in future than today. Is the Indian middle class growing? What would happen if it shrinks? 5. How do we make sure that Indian middle class only buy Indian manufactured goods and not imported goods? Do we do this by making imported goods more expensive (for eg by increasing import tariffs)? If so, then is there a danger that the domestic manufacturer will become complacent since people won't have any other choice? 6. Big industries creates less jobs compared to small industries. This is because big industries rely more on machines to do their work whereas small industries rely more on labors. Are we making sure that manufacturing is increasing in small businesses? 7. We had a similar system in place before 1990s. What had went wrong? Have we learnt any lessons from that? I am not an economist either by profession or education. I'm just a normal person who didn't know what/who to believe. So, I tried to find the answers myself and then believed the person whose arguments I could relate with. Hope you'll do the same!
Exactly. RR has been talking at other great universities. No one is milling around in the background. Even the lady anchor, probably a faculty did a pretty bad job.
Sir your definition of minority is too old. In fact reservation has put many of the minorities in top universities and employers including govt. jobs. Are you a citizen of india to talk about out democracy or trying your agenda?
Brilliant Dr Rajan is articulate,measured and balanced.A true Indian diplomat who has done India proud
Always a pleasure to listen him. Exceptional always
Every country which had become rich had a unique way of creating wealth. So India should not replicate (development models like china) but create her own model of growth.
Magnificent talk by the very brilliant Dr Raghuram Rajan , very very important and relevant for India's growth. As expected Dr Rajan has covered a very wide spectrum with comprehensive information. Thank you Sir
Intellectually & perspective-wise enriching!
Thanks for sharing this address online.
Thanks Raghu Ram sir for this fruitful address !!
Thanks IIT Delhi inviting such great personality
In fact it can be argued that India is actually working on development of knowledge based (service oriented) manufacturing model
wonderful session, Prof Raghuram sir has been always neutral and data-oriented- not biased
Simple Genuine Honest & Impressive session
Very impressive speech .
Yes magnificent
Great prof Raguram sir
Thanks a lot IIT Delhi...
Thank you ritika di🤝♥️
Fantastic analysis as usual. He could have been better utilised by the government.
As long as India is strong in English they will continue to grow. Otherwise services sector is a dream
But we cannot minimize manufacturing. Most idiotic to export iron ore and pay a premium on importing steel.
India needs to innovate and employ their people. The world should be our customer. It’s so myopic to be a servant offering services for ever for rest of the world. You will only be a second fiddle economy
By the way cleavelend clinic will be virtual soon
Strange that no sincere question on the thesis that why India should focus more on Services. Whereas actually the biggest opportunity is in the manufacturing sector today with the disruption in the supply chains ...... already shouted out by post of the renowned experts on economy and international trade
I think what he meant was having a competitive advantage. Even if the manufacturing jobs do leave China in a significant way, India has to compete against countries like Vietnam, Indonesia etc who have much better infrastructure and business environment than us. Compare that to a service, for e.g, writing documentation in English for a new product. East Asian countries are not good at English, but they do need to write such documentations for their manufactured product. Here, we can easily come in and do a good job, since Indians are in general better at English than East Asians. This is just one of many example.
In economics, the country that has a competitive advantage succeeds in exporting, whereas countries with a competitive disadvantage finds importing it to be more beneficial. That's one of the reasons why globalization worked.
@@aakashdeepsarkar9503 Globalization in past has worked more for already Developed countries and has weaken developing countries and made less ATMANIRBHAR.
For India (worlds most populous country) Manufacturing is key for large scale job creation and more equitable economic development. Further, not very sensible to compare India with countries having smaller population size as far as finding solutions to economic issues.
You are right as far as economics is concerned. But Globalization also involves Geopolitics, National security, National interest, Trust between nations, etc. which are valued higher than economic advantages.
Last point : The huge Demographic Dividend which India will enjoy in the next few decades, can be leveraged to its fullest potential with manufacturing being promoted with razor sharp focus approach. I believe we will definitely see this happening in our lifetime !
Hope better sense prevails. thanks
@@kirtijain13 I disagree with your assessment, but I commend that you are willing to listen to opposing views and argue rationally unlike other people. I won't embarrass you by countering your arguments. Rather I'll ask some questions and hope that you try to find the answers yourself.
1. What does ATMANIRBHAR really mean? Does it mean that we manufacture goods and take it to the global market to compete with other nations. Or, do we manufacture and sell to only Indians.
2. If we intend to go global, what are the advantages we have compared to countries like China, Vietnam etc. What are the disadvantages? Is there an imbalance?
3. If we only intend to sell in India, then are there enough people have the money to afford the goods that we sell.
4. Domestic manufacturing is incentivized when the size of middle class in a country is expanding at a commensurate rate. This is because you expect to sell your product to more people in future than today. Is the Indian middle class growing? What would happen if it shrinks?
5. How do we make sure that Indian middle class only buy Indian manufactured goods and not imported goods? Do we do this by making imported goods more expensive (for eg by increasing import tariffs)? If so, then is there a danger that the domestic manufacturer will become complacent since people won't have any other choice?
6. Big industries creates less jobs compared to small industries. This is because big industries rely more on machines to do their work whereas small industries rely more on labors. Are we making sure that manufacturing is increasing in small businesses?
7. We had a similar system in place before 1990s. What had went wrong? Have we learnt any lessons from that?
I am not an economist either by profession or education. I'm just a normal person who didn't know what/who to believe. So, I tried to find the answers myself and then believed the person whose arguments I could relate with. Hope you'll do the same!
Very good and impressive speech
Wow 😲
I still love 💘him ...no doubt
People must avoid moving in background, probably a govt. organization phenomenon as same happens when our CJI and others speak.
Exactly. RR has been talking at other great universities. No one is milling around in the background. Even the lady anchor, probably a faculty did a pretty bad job.
Ask 100 questions at once
Consumption
3:40
Why didn't the first lad err man doorman?? Err matador man sit aside the two. & Whos gonna take her name errr his err hmmm......
THE CONGRESS STOOGE 🙏
No. The Buck n The Bus never made it
Sir your definition of minority is too old. In fact reservation has put many of the minorities in top universities and employers including govt. jobs. Are you a citizen of india to talk about out democracy or trying your agenda?
Which way it's too old?