Avoid Manufacturing Fetish: Raghuram Rajan's Message As He Unveils The Book 'Breaking The Mould'
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- เผยแพร่เมื่อ 11 ธ.ค. 2023
- Indianomics | India is a coding superpower, must not have a manufacturing fetish, former RBI Governor Raghuram Rajan tells Latha Venkatesh as he lays out his roadmap for growth in his new book 'Breaking The Mould'
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No one’s thinking “we have to be like china” other than him
For large Country like India it is foolish to think that we can develop only by service sector. Only rich people will benefit by that for poverty elimination we need manufacturing sector to grow exponentially.
I don't think the govt needs to get invested in service sector that much as the investment size and barriers can be easily handled by private sector.
If manufacturing in India is inefficient it makes sense to focus on critical products like semi conductors and high tech products which are sensitive for us during a war situation instead of being dependent on China. The goal should be to clear out the imbalance between the share of high value manufacturing and services sector in our economy.
For the very first time I felt Lata Ma'am is not asking the right questions.
Failed RBI governor preaching gyan to those who actually have been successful. He better stick to teaching where no one would be able question the success of his failed theories.
Lol he rightly predicted demonitization was a dumb move. This is what hurts bhakts coz he exposes how utterly dumb their pappa actually is.
@@kunaljain1986demonetization destroyed the economy of Pakistan, nepal, Bangladesh, srilanka at the same time.
These countries were surving by using fake Indian currencies.
The beauty of almost all indian channels is that their hosts act like Govt spokesperson and prefer to put forth their views rather than liaten out to tbeir guests.
Does Barka, Rajdeep & Ravish ring a bell??
This channel is an American backed channel.
The last thing they want is modi govt in power. So don't equate this channel with other godi channels.
Well this would have worked in a normal country. Once we performed overbreeding and overpopulating there is no way you can employ all these people in service sector which produces much less jobs than manufacturing. So, focusing only on service sector will result in a lot of people still remaining unemployed. So, this is a matter of necessity.
If we do manufacture it will automatically allow more service companies to grow to india. We will be wasting money on more education as they will leave india and work outside like in Europe and usa.
From low value added to High value added !!! ….. there shouldn’t be any apparent issues I guess. Dump PLI and rechannelise that fund etc… very good. But the moment that’s done….theoretically, then these same set of Gyan givers will jump up and write a few more books on how the Policymakers are overlooking the job creation capabilities of those low value added sectors and instead aping the Developed Countries’ Economic models…And the same old hash about free speech, giving space to contrarians. Fortunately, the migratory birds do not spend much time in the warmer pastures, and soon flock back to their secular Nests, where apparently there’re no or less takers for their wisdom.
He is now a politician, his comments should be viewed as such.
Do you have any valid criticism against the points he is making ?
@@VmlucyBDaGV2aQ I have been a long time follower of Mr. Rajan, his insights earlier intrigued me, but recently he has gone off the rails, any econ grad will tell you since India's independence we have never experienced a manufacturing boom, unlike agri and the service sector. Interestingly, if you go back 5 odd years you will hear him say the exact opposite of what he is saying today. Hope I have made my valid criticisms clear enough.
Why do you think he is wrong. Instead of subsidising to create low paying jobs he is suggesting to create high skilled jobs that add more value. He is not suggesting to avoid manufacturing completely.
@@VmlucyBDaGV2aQ This is where the ridiculousness of his recent statements lie, anyone with an iota of common sense let alone economic degree, understands one cannot become a high end manufacturer overnight, it takes decades of gradual progess to get there, and is a kind of step by step process, which every high end manufacturing powerhouse like the Swiss , Germany , Japan went through. I am pretty sure he knows about this, but chooses to misguide people anyway, like a politician.
@@VmlucyBDaGV2aQ why you need valid criticism for a guy who predicts global recession on every single quarter 😅😅
India has vast population with highly skilled workers as well as low or no skilled workers. We need all kinds of investments high tech, low tech, manufacturing and services as well. We should not think manufacturing as just low level value added activity we should also think how much employment it will generate for unemployed youths.
Well thought out.. we need more innovators than CEOs. We have to create next Google and Apple. We have to strengthen our strength of Human Resource.
So true education should be the top most priority . GOvt has done well in rural areas like providing gas, water, toilets, houses but education part is still lacking
@@amnsia747 the problem is that educated people start thinking & ask questions, & demand answers :(
Ok now tell me what is Apple known for? Iphones mainly. How are you gonna make something like that without manufacturing?
In last two weeks there has been two major announcements - for battery cell and gorilla glass manufacturering , these require very niche skills..so not sure what Prof. Rajan's issue is
His issue is BJP is in power
His issue is opposing Modi.
He is an American govt spokesperson.
What will service do if their clients are western countries . We want service to work in india.
This is the same genius who complains about jobless growth in India. Well why are you complaining about government creating jobs? Let’s create jobs on entire curve so we are not dependent on any country. World is realizing what havoc their dependency on chip manufacturing in Taiwan created. Manufacturing locally also helps with bridging trade and current account deficit which in turn helps with stable Rupee. I used to respect Raghuram Rajan a lot. However, either he is speaking on behalf of congress or plain wrong. Foreign institutions have a tendency to promote their agenda by rewarding and awarding academicians that promote their vested interest.
The best laid plans can go to dust if there is little or no action. I feel the states are just shying away from the action. This is a cultural thing (the states were laid back even in the 80s and 90s under non-BJP center). Also its easy to write a book on something, technical experts do know but conveniently ignore the political aspect to rolling out something.
Congress Stooge talking about economics. How about talk about the KHAGRESS Government. 300+ cores found from Congress MLA. He lost his credibility...
He is one of the most renowned and accomplished economists of the world. You're a two bit troll who will contribute nothing to this world in his life except be a human joota licker for a Whatsapp made marketing persona.
Hearing this no-sayers make me wonder who takes them seriously. Companies won't directly come to India just because they are
leaving China, there are countries like Vietnam, Indonesia, Bangladesh which can provide a base for manufacturing - we need to make use of our GDP strength to help build manufacturing industry - not to forget the knowledge transfer and parallel ecosystem of similar products that can be produced to served local population. India has already been doing well in services sector but we need to create products to be manufactured to be not bottlenecked if an unfortunate global scenario is created- case in point oil and gas dependency- we need renewable energy creation to avoid dependency on OPEC and West.
So we should focus on human resources, spend money teach people and send them abroad for job.😂 When we bait those mnc (where these educated people would have gone anyways) to come onshore they ask why are they focusing on manufacturing. If we focus on manufacturing our services sector also get bigger base to serve these manufacturing work.😅
The guy quietly left India after giving all those loans under Chiddu regime
Service is self reliant
When will this man understand that majority of India population is not fit to enter service sectors...so we need manufacturing job for them!
PLI schemes are great for ensuring supply chain management from a national security or tech transfer perspective.
PLI schemes or tax incentives shouldn't be used to attract investment, because it's more like a pyramid scheme, if you can look into the future.
have you heard about ecosystem? economy can only be resilience and growing when there is whole ecosystem around any product. take a example of automobile industry. till now Germany was leading the world because they are leader in mechanical field but as auto industry shifting towards more digitals and electronic specialization they are lacking as USA has better IT infra than Germany. Same with chinese compony like byd and many more will be leading auto industries but they started with manufacturing now they will be leading the high end market and they have expertise in battery production . Plus in this huge population not everyone can be coder or banker so we need create low end jobs too. USA again pouring billions to bring back manufacturing in states
Good theories 👍. One must agree on the budget allocation requirements in education and research. Hopefully Govt will focus in these areas as well.
We as a democratic nation, the politicians have a tendency to give more attention in the near future achievements rather than very long term prospects in an effort to show the people quick results. All the past Govt have failed us with license raj and dynestic politics. We missed many opportunities in the past.
So you say that investing in electronics manufacturing is a waste of money, just like these people think.
Investing in manufacturing is short term. Does the factories vanishes after five years.
Both are masters in confusing people. They are batting both ends. "Ofcourse India needs manufacturing" and "it is a question of prioritization ", "we need investment in education".."we need high end manufacturing" "we need better ambition" hello... thanks.. we know all that.
The point is this government is making determined efforts to bring us back into manufacturing. When we started it services foe the world arm chairs could have said "we need more ambition we should become google and mixrosoft" but thanks we didn't hear all that bs.. we started it services .. alon g the way we got strong and competitive and new we are making thr SaaS companies.
Know it all attitude and these guys are there to deliver lecture. They are well suited to university. Modnomics is doing great and will do so.
We are not competing with China on manufacturering, if we capture only 8-10 percentage of wrold manufacturing then still India can grow more than China.
Reason: As china is big in manufacturing, we are in service sector. We just need additional force to move ahead faster!!
your so called service sectors will soon be replaced by AI in US
Already skill india is there...
please suggests ideas to PMO in person...to make better India.
Really good insights by the experts
I disagree with him, although I think he has good points.
Raghuram Rajan correctly said it. My father was Gandhian freedom fighter, writer.
Went to jails under the British. Mother was not educated.
We grew up with nothing. Period. My brother got scholarship to "USSR"
I came to USA and settled. More than 4 million Indians like me are here.
All have professional degrees, earning good.
Who is happier? You or your brother? You may have money with American education but your brother has the knowledge with the Soviet education..
Great pushback Latha, you politely saw through their hidden agenda. Seems,one, he wants Indian Govt to spend public money on making high end coders, who can then be airlifted out of India by West and value taken out of India’s economy. Second, they want less manufacturing to be moved out of China to India. India needs to be a manufacturing country, small and large, as All Developed countries once were. They seem to want strings of Indian service industry to be in the hands of their West handlers. India has 42% agricultural workers who cannot code for Tesla or Apple, nor their 5 generations, but need small manufacturing jobs.
since 2014 BJP government form. he always criticise whatever decision taken & every time government prove him wrong, now it is almost 9 year. kabhi tariff bhi kiya karo..with Big heart
Tarif karnel keliye godi media he
india's problem now is that politicians are deciding how-what-when-where of everything without knowing almost anything else compared to a layman.
We need academicians, & researchers to make the decisions, so that we can eliminate bias, corruption & foolishness.
I agree
Academicians, Researchers have no skin in the game, so they won't even lose their jobs after several blunders. Nothing prevents academicians and researchers from becoming a Bill Gates, Jeff Bezos or Elon Musk - but they don't, as they mostly fail in the initial steps. Business and politics will always remain front and center. Researchers can do their work well and remain in advisory roles - good advice will be implemented
Academicians are the worst lot, they spend recklessly the hard earned tax payers money in crores on private restrooms just 2 restrooms will draw up a bill in crores.
Rajan was the governor once. What else do you desire. Make him prime minister now.
He will sell the country to US companies next day.
Manufacturing fetish is going on in US but Mr.Rajan is preaching us Indians...stop preaching us Indians you economic refugees.
Father of Indian Banking Crisis is talking about what India should do... #ShamelessEconomistRRR 😂
I agree with him on Protectionism, but disagree with him on other stuff.
Protectionism is always bad (unless there are some Supply chain security risk).
Other than that, Import Duety should be 0% on all stuff.
But I disagree with him on manufacturing.
Yeah, we should try to produce such things which has high value addition.
(like Chip design, Patents, or even other services like programming etc)
But the problem is, not everyone is skilled enough to work on such Induistries.
There are huge amount of surplus labour which work in Agriculture sector.
If we could pull that labour and employ them into let say Drug Research, that would have been great.
But we can't because they are not skilled enough.
So for them Manufacturing job even thou is low value addition is greater than what they can earn out of Agriculture.
Yes, in next generation if we could employ most of the people in High value addition that would be great.
But for medium term there is a need for some manufacturing jobs for pulling surplus labour from Agriculture sector.
He expects those who cannot get into service jobs can get MNRGA wages!!!
Correct
Raghuram Rajan Is an idiot when it comes to protectionism.. Japan and South Korea used protectionism in their early days.. America uses so called 'free trade' as a tool to suppress developing economies..
Which rich country he is talking abt
This gentleman has no right to talk about India's dreams & ability to achieve them when he couldn't manage a job of RBI governor & ran away !
He just wants to sell his book & could be aiming for a nobel by being anti Modiji's govt !
India going to the moon !
sorry, cannot take you seriously
Acha inka donon Ko apni Kitaab bechni hai ...Latha ji ne Tamil mein setting ki hai RRR se 😅
Mr Rajan, keep your theories to yourself!
Hello,
Criticism should be done.
But people should also not forget what Dr.Rajan has done for India and how he tackles post 2008 crisis.
And also spoke about sub prime loans.
"Abhi sabko Dharm aur fake nationalism ki afeem chatai ja rahi hai, jis din ye nasha utrega tab pata chalega"
Just have a look how many economist left during modi tenure.
Thanks
Dr Rajan almost sold the country to American multinationals. He created a big mess in banking sector and INR was going to crash and completely destroyed if he stayed a few more years under upa regime.
I am not criticisin, I am saying the events that happened.
Where did you learn that he did a great job.
@@sg4250 Ok Sir, you are now graduated from Whatsapp university.
Bhagwan apko sad budhibde.
@@jacks293 I think it is you who should check your source of information.
I have my souces correct, that is why I am arguing here, which u r trying to avoid so desperately.
This is not just about Congress vs BJP. I know u love Congress. But take out the political sunglasses once and think clearly.
If you listen to Rajan, everyone will do useless mathematics of finance and publish useless papers. Do not do any manufacturing, these are for the Sudras. We are Brahmins. We only do useless mathematics.
We don't need advice from congress stools 😂. We investors had already seen what are the results of his advice and guidance for india within the last 5 years.
Khongressi Gulaam
Congress Pidi, zero respect
Lamba Teri Soch choti hai be...😅
Meh…
Rajan's views are dictated, not by what is good for India, but on the dictats of someone ?
That is America. Believe me.
No Congress.
He is more qualified to have a boss like Congress. He takes order directly from George Soros and likes... Like Congress also.
This so called Economist should understand that every country moves up in value chain . Korea did it, China did it. You have a population of 1.4 billion people, still some society produces 4 kids. How do you feed them? Without jobs, there would be riots. For producing high end goods, we have to improve our higher education and research which is a gradual process. These so called low end manufacturing will give us forex reserves which is required for infrastructure and research work.
Yawn 😂
This man understands nothing
Can’t understood can’t follow china but USA is example for us what condom standards
Raghuram Rajan is a great economist.
There will always be some unpar dawars like u, who neither understands economics or a thing about what rrr says here, yet believes it his duty to support all Congress agents.
If you talk about debate then bring Sanjeev sanyal
This same dude was baffling about India won't be growing more than 5, we Indians proved him wrong and we will prove these elite commies wrong once again when our manufacturing reach upward of 30% of our economy by 2030😊
Precisely we need to the opposite of what Mr. Rajan prescribes .... I am sure the Chinese are upset if India becomes low skilled jobs due to sheer magnitude of the no of these jobs and what that would do the 1.5bn population.
India should follow inverse of what this man says , he has proven to highly educated disaster, did not accomplish anything as RBI governor , compared to current one. Let him remain in America and dazzle them with his brilliance
He thinks himself lot more than what he is actually.P.A. of Mr
Rahul Gandhi
Illogical bhakti is every where , so called bhakt economists teaching him about economy 🤣😅🤣 , some people accusing him being politician, he is far better than two
miscreant
And leftist loonies are awaiting failure of Indian growth story - sadly not happening though. Gloom predictors like him will obviously be right once in a while. Remember, he also predicated a lot for the last 5 years or so, being proved wrong every single time. A fluke can go right for anyone - and he has studied economics so being right once is no big deal.
And bhakt Congress have only one job...
Fight with godi bhakts.
Without understanding anything what this man is trying to say.
Guys Raghuram predicted the 2008 Crisis. Don’t write him off. I agree BJP does seem to do good to me too. But Raghuram is Raghuram bjp or congress.
The gloom predictors will obviously be right once in a while. Remember, he also predicated a lot for the last 5 years or so, being proved wrong every single time. A fluke can go right for anyone - and he has studied economics so being right once is no big deal.
@@rishabh8355 like which prediction of his did not come true?
@@boopathyraj6811 google it or just go through his old videos for last 8-9 years and you shall find. His predictions for India has miserably failed - examples being GDP growth rate or wanting to spend billions to tackle covid, or his idea of India would fail to curb inflation under Modi.
He is a great great economist....agreed.
But right now he is working as a deep state agent of the American govt.
His job:
1. Do a regime change in India. Bring a puppet govt of usa in power.
2. Spread econmical propaganda, so that India does not go for semi conductor manufacturing. China is already challenging USA with own chips. USA does not want a second competitor.
A good economist does not mean that he also needs to be a true patriot or ethically correct too.....
He is a biased politician.
Dr Rajan is such a gem. We need Dr Rajan as PM !!!!!!! #PMrajan
While we deserve people like Dr Rajan, what we actually get are either illiterate rapists from bjpee or delusional losers from congress.
Average commie from the Alimuddin
How's the weather in parallel universe 🌎
Did Didi pay off crores to the Tatas?
@@gopinathrajee did prime-gawaar send us the promised 15 lacs? 😂
Don't act to criticize Congress and praise Rajan in the same breath.
That does not work and you get exposed.
If u r a Congress supporter and TMC agent say that openly.