Why Raghuram Rajan says world can’t let India follow China, climate change & globalisation
ฝัง
- เผยแพร่เมื่อ 7 ก.ย. 2024
- Former RBI governor Raghuram Rajan’s latest statement that ‘the world cannot afford India to follow China’s path of export-led growth in manufacturing’ - at the IMF-World Bank annual meet has drawn sharp reactions. In episode 1,098 of 'Cut the Clutter', ThePrint Editor-in-Chief Shekhar Gupta decodes Rajan's full speech, the crucial points former RBI governor makes on the the link between climate change and globalisation, and the need to liberalize services.
---------------------------------------------------------------------------------------------
Brought to you by @KiaInd
---------------------------------------------------------------------------------------------
Watch the full speech here: • Raghuram Rajan on why ...
---------------------------------------------------------------------------------------------
Join our channel to get access to perks. Click 'JOIN' or follow the link below:
/ @theprintindia
---------------------------------------------------------------------------------------------
Connect with ThePrint
» Subscribe to ThePrint: theprint.in/su...
» Subscribe to our TH-cam Channel: bit.ly/3nCMpht
» Like us on Facebook: / theprintindia
» Tweet us on Twitter: / theprintindia
» Follow us on Instagram: / theprintindia
» Find us on LinkedIn : / theprint
» Subscribe to ThePrint on Telegram: t.me/ThePrintI...
» Find us on Spotify: spoti.fi/2NMVlnB
» Find us on Apple Podcasts: apple.co/3pEOta8
Early access, exclusive content, special privileges - Discover the great benefits of being a Member of ThePrint’s TH-cam channel. Take a Paid Membership today. It costs just Rs 159/month. th-cam.com/channels/uyRsHZILrU7ZDIAbGASHdA.htmljoin
Couptaji don't try to hide anything, we know about who r brown sepoys. 1 billion Indians, 17% global population will not leave them, hound them by hook or crook. India doesn't have any burden for climate. There r many countries in the world.
There is a factual error in this video. There is no reference to bicycle in Raghuram Rajan's book "Saving capitalism from capitalists"
Obviously we cant beat China on manufacturing but from the UNDP report we have pulled about 40 cr Indians from poverty over 15 years. And that is with our broken manufacturing system. The laggard states are ones with high population and illiteracy , which means that we cant just expect services to rise there. We need some sort of manufacturing and blue collar jobs in these regions. Labour policy of India needs to be improved , this govt needs to grow a spine and pass it in parliament.
Exactly, 42% of our population is still employed in agricultiure, we need to pull them into manufacturing. Plus, its a golden opportunity to become a part of the supply chains gloabally. We are just slighlty ahead of countries like vietnam in world trade despite the fact that they are 10 times smaller than us in gdp. We need to increase our contribution in world trade
Absolutely true
Agree with you absolutely
Blue collar is needed everywhere
Who told you services is only for educated? Everything from watchman, to cook, to hotel staff, to beautician, to gardener, to barber, to computer repair etc are all services.
We haven't pulled out anybody with manufacturing. Manufacturing remains low, and going down as % of GDP.
India can never become a manufacturing power. Because of our land labor laws. And because we don't have the societal structure for it.
Meanwhile smaller countries like Vietnam are talking all manufacturing jobs that are leaving China. Why isn't India able to take advantage? Despite a 'nationalist' govt who wants to make in India.
It’s a joke to suggest that all 140 crore people can get service industry jobs. A large economy needs to diversified, and a large population should not limit itself to one industry alone. As someone said “RR has predicted 6 out of the last 2 recessions accurately” 😂😂😂
never in the entire video he suggested to give all 140 crore people service job
Ever since he was kicked out, he has been on a rout to predict doomsday!
Country should focus on their strength, because that will give u more power compare with other , service industry is still very small in India in Economic terms compare with other other countries,
So you're joining the party of "let's open our mouths without reading/watching donkeys"
You don't watch a clarification video also fully. It's the western nations, who don't want their manufacturing going from China to India. Which he says is not good for global economy. Listening skills are dead and we have more haters than intellectuals.
Those 16 words aside.
Why is this guy so hellbent on scuttling efforts to generate employment in India? Why is he hellbent on making India into a Philippines - A country with a permanent underclass that emigrates to take up low paying jobs abroad? What kind of classicism does he internalize within him to say something like India does not need industrial capacity to manufacture things? Or that poor do no deserve a shot at gainful employment?
bhai thoda heavy ho gaya kuch smj nhi aaya
When agendas and ideologies take precedence over rationality, even the best are not left unsullied.
@@anurag78670 Services maane tujhe paisa chahiye, paise ke bina tu qualify nahi ho sakta hai Services job ke liye. IT industry 135 crore log ko thodhi absorb kar sakta hai. 10 saal aur 25% per year growth ke bawajut IT industry barely 20 lakh ko kaam de sakha. Baki logon rozgar dena hai toh tujhe manufacturing, textiles, value added agriculture (packaged masala, paneer tikka masala etc.) chahiye. Ek manufacturing rozgar ke liye tujhe jyada qualification nahi chahiye. Dhung ka timely salary milta aur us rozgar mein tera upskill hona chance hai, usse 'gainful employment' kehte hai.
Manufacturing nahi hai toh, baki jo bina rozgar baithe hai, unne permanently freebies dekhe rakna padega. Dosri baat, jinko rozgar nahi hai, un log chindi degree karid ke pardesi mein safai karmachari bante hai.
In short, Manufacturing ke bina Bharat ke garib hamesha garib rahegi aur jin log ke pass pardes jaane ki paisa hai un log kush rahege.
Isiliye jo Raghuram Rajan kah raha hai, woh bahut haanikarak hai.
Because RRR like Shekhar Gupta is working for US interest not us. US want us to remain low income County so remian dependent on the.
1. Rajan is nowhere in power today. Is he stopping India from manufacturing in any way?
2. MODI govt is in power, and focused on manufacturing with 'make in India' push
And we are ranked 107 in hunger index. 80% of the poverty increase during corona was in India.
Who is keeping India poor? - Modi or Rajan?
Why aren't we still not making any progress? Why is manufacturing, exports as % of GDP going down? Who is to blame, nationalist Modi who is in power? Or Rajan who these people got another chance to blame and abuse?
Here are some facts:
Modi launched Make in India in September 2014. It has been 8 years.
In that time, manufacturing has only GONE DOWN steadily. It is a continuous decline graph. If only you could improve manufacturing with jumlas.
In fact our highest point in manufacturing was in 1995 when it was 18% (of GDP) under congress. Since then it has been only going down. And it fell off a cliff under this govt, reaching as low as 13%.
The lowest under congress was still higher than highest under this govt.
Even smaller countries like Vietnam are taking away the manufacturing jobs coming from China's loss. Why?
Finally Raghu Ram is showing what sort of economist he is. 🤣🤣🤣
Better than the current joke of a FM we have rn
@@karankapoor2701 both are at par. But Raghuram has Green Card so he is a global citizen and can push India to margins anytime he wants to or his masters want to. Washington DC will protect him always.
Nirmala has no where to go other than India. If India sinks so does she. Having said that she is a not good FM.
Raghu Ram is a US asset not an Indian asset.
@@karankapoor2701 Better than you fool.
Raghu sounds more like an environmental activist than an economist
Raghuram Rajan might be a Pundit or an expert but definitely not a Professional. His ideology comes in the way of his economics.
He is a brown sepoy. He knows he is lying but he is propagating western country's interest in keeping India low income country and dependent
Lol the irony..
Only time he was right when predicted DOSA and IDLI prices and hogging lime light.
So manufacturing of strategic products should be outsourced and one should only become service coolies of world
He is Congress man through and through. And wants to derail Indias growth.
Jai Hinduja. Just now to your superior US Raj.
Recently semiconductor chip crisis has taught us an important lesson of importance of manufacturing
What if we gave more importance to manufacturing??the semiconductor chip crisis would've happened the same way coz the world believed smthng will happen a certain way and actual scenario was diff,no one could've stopped this
You are right but India have only 4% world's clean water... manufacturing requires a lot of water we can not waste our water for producing industrial products for other on the other hand China have 7% world's clean water with same population as India
He was so critical of Indian government policies during the pandemic. We would have been in deep trouble if we followed his advice.
Kindly explain with proofs in which episodes he was critical and what exactly government has done. As a business owner, government support for manufacturing was almost Nil...
@@abhiwins123
The guy's probably talking about Raghuram Rajan, and by your response it looks like you're speaking about Shekhar.
@@ayush885 yep, was thinking about Shekar
Did anyone ask his opinion?
And they'd have given the nobel piss prize
If India doesn't manufacture goods, somebody else will. And India will continue to import these items leading to a great import bill. The logic is flawed. USA & Europe have the highest per-capita emissions, and the sacrifice is expected from developing countries to limit manufacturing and energy use. This is climate injustice.
Raghuram rajan is a cia agent
Poor RR, his 30 minute speech needed another 30 minute defense from a public relations pro😂
And still people know that the idea of only doing services is a joke.
If it were a suggestion in good spirit, it shouldn't have started with "World can't let India".
He could've simply said that we should prioritize services over manufacturing.
Shekhar is simply covering up his friend's Naked Butt.
We need manufacturing especially due to its ability to employ large numbers.
There is a difference between the world can't afford and world can't let. The former is what he said verbatim and that is what he meant that the world and its climate/environment can't afford that.
don't take him lightly.
he is a US stooge. whatever he is saying reflect what US want for us. US want us to remain low income country and remain dependent on them.
Why can't he ? He has given similar lectures to the west too - on interest rates etc.
@@Rabindra_ Yes, anyone we disagree with has to be a stooge for another country. Its not like in the history of mankind people have had a difference of opinion without being a puppet of someone else.
@Manish- To be honest, at world stage, nobody cares of India. RR is a patriot & so he has spoken about India due to his roots. Canada which is 1/30th of India in population makes half our GDP. 😂
If enough employment is not created in India, then there would be tremendous amount if social unrest, especially amongst the younger Indians. Service Sector is extremely important, but this needs to be supplemented with Manufacturing Sector.
Ballance is important. But producing crap is not sustainable.
And without services not much you can produce
How this type of person was appointed to such a top post in India .
Only God can have saved India .
Haan tumhe rakhna chahiye tha !
How our import bills will come down if we don't excel in manufacturing
That is exactly what’s being explained. You need to care about trade deficit.. not just import reduction.. that is better served by an export surplus, and it is not necessary that surplus has to come from manufacturing.. it could come from services.. services are 63% of global gdp
@@prajwalshetty9809 services are for skilled and educated labour. Cannot be the only arrow in our arsenal
@@prajwalshetty9809 oh so you want us to keep on importing 100s billion dollar of items when we can build the same in india and export it too....if don't take advantage of this time then others will look at Vietnam.....why specifically India should not increase its manufacturing prowess
@@prajwalshetty9809 Services are built on manufacturing. India will be dependent on other countries and will remain weak if we don't manufacture things. Of course we don't need to manufacture everything. But key things like Semiconductor, IC, Chips, Mobiles & TVs, Defense, Solar Modules & Cells, API etc. Also India is not really gonna follow China's path because even if our manufacturing has increased it's not as much as china. Services specially IT sector still dominate our economy.
@@prajwalshetty9809 this kind of mentallity has kept us out of loop.... sorry agenda and hidden anger against India growth in industrial bas and merchandise export is quite clear...... services and manufacturing both has to grow
India needs both services and manufacturing especially the latter which can absorb semi skilled labour. Services cannot be the sole breadwinner for nation. Everyone is not good with computers, communication skills which is a requirement of services sector.
No we need more manufacturing jobs. we already have enough service sector jobs.
Even if everyone was good with computers or other soft skills needed for services, the sector isn't big enough to accommodate everyone. Nevertheless, I don't think he suggested a lock, stock, and barrel abandonment of manufacturing. However, he needs to understand that there are many other countries that already going the China way. Vietnam, Malaysia, Bangladesh, and even Pakistan are following or trying for a similar template. In fact, India has barely taken any steps to become a manufacturing behemoth.
@Hesh Abcd Service jobs will automatically increase with increase in manufacturing jobs.
My point was we should focus on manufacturing and industrialisation. We are still a non industrialised country. Shame!!
service sector is not independent of primary and manufacturing sector. both provide a base for service sector in the economy
Nobody is stopping you from manufacturing. In fact govt has been trying hard since 2014 (with make in India, various schemes, PLI), but no result. Why?
At times, the climate change debate can become QUIXOTIC and INSENSITIVE to stakeholders. As humans, we don't look for "equilibrium" but rather "Nash equilibrium". People cannot be treated like commodities. Not everyone is made for "services". It will also create an OVERSUPPLY in the Services market and hurt wages.
All this doesnt matter. Today solar energy is the cheapest way to generate electricity & within this decade solar panels + batter storage/green hydrogen will be cheaper than even coal power plants.
If we cover just 1/3 of Rajasthan with solar panels, we will have enough electricity that every Indian can live like an American (i.e. same energy consumption).
On top of that Imagine the amount of savings we will have not paying 100's of Billions in importing crude oil.
Sir can you elaborate on Nash equilibrium,not able to follow
@@sarojpandey1026 could you clarify what's 'Nash'
Thank you for watching ThePrint's channel, Sankalp. Do head to our website for the quickest updates & some fine insights from experts- Shekhar
@@srinivasanr1565 nash equilibrium is about how 2 conflicting parties can benefit equally without changing their initial condition.
Basically he is saying india should remain a consumer fr the world. And help his western masters and china gain wealth and jobs. And protect our environment.
Why don't he first donate his house to plant trees
Services are more value adding
The guys who criticize manufacturing shouldn't be using the same manufactured items, which in their sense caused harm to planet Earth in any part of the world. Doesn't matter India alone. Will they do it? Everything that is a necessity, luxury to mankind has damaged the environment in one way or other. Will they be willing to give it up. We have to worry about our planet, but when others don't do it, then why should we be holding back and achieve nothing??
Essentially RR wants India to become a Kerala and fulfill the British vision of a clerical class spread across all Indians.
Frankly, SG has wasted an episode attempting to clarify views of an individual who doesn’t matter much in the context of a large nation like India. India can’t get better without manufacturing. At the same time it should not become a manufacturing dependent economy like China did. Nor can it ignore its agriculture to ensure food safety. It needs all three. Period!
1. India needs manufacturing in a big way to find employment for its youth. So India has no other option. For RRR to suggest anything otherwise is obviously unacceptable for us. Strange that Shkhar has come out to defend this man. If India does not manufacture and if world requires it, some one else will produce, if not India. So in this sense, what RRR says is nonsense. India has pledged to be zero carbon by 2070 and it is working hard on this. India is anyway doing well in services anyway and will continue to do so, whether we have advice from RRR or not. 2. Advanced countries must share technology and funds with the South for it to achieve carbon neutrality. This obligation is always not talked enough.
All this doesnt matter. Today solar energy is the cheapest way to generate electricity & within this decade solar panels + batter storage/green hydrogen will be cheaper than even coal power plants.
If we cover just 1/3 of Rajasthan with solar panels, we will have enough electricity that every Indian can live like an American.
On top of that Imagine the amount of savings we will have not paying 100's of Billions in importing crude oil.
@@PK-tt5kk Bhai, we got your message about Solar energy. Can you please stop copy pasting it everywhere and spamming the page?
@@PK-tt5kk now come out of ur dream
This is media house sold out to congress and leftists. Why are you surprised? Same people kept India poor for 60 years. British and congress policies are both responsible for Indias poverty.
@@PK-tt5kk very true 👍solar is a good alternative.. like they use it in desert of Las Vegas
India needs manufacturing as much as India needs service to export , manufacturing is for low skilled workers and that is what India needs now to move loads of people from poverty
you mean low skilled workers will make Iphones and consumer electronics....these are high skilled workers who will make this things.....and whatever India has achieved in the last 75 years is from the services sector
@@arnabkundu114 manufacturing is not only about making iPhones and consumers electronics we have so many areas to work around and that’s where we need to focus, I don’t deny service is not required but we still have a lot of workforce that depends upon manufacturing
@@arnabkundu114 Sal* bangali hye eto nirbodh ! Sudhu iPhone ar electronics niye manufacturing sector !!
@@Deb_deCoder abe chutiya most manufacturing jobs which are high value manufacturing like in the automobile sector, pharma sector, consumer electronics, defence sector, drone manufacturing, which are high value which can bring a lot of dollars into the country like dollars flow in the country through the IT services sector need really high skilled well educated workers . even FMCG sector need educated skilled workers. Ke nirbodh seita bojhai jache
@@arnabkundu114 koekta bade jekono manufacturing industry te ektu kaj sekhalei besirvag manush sei kaj korte pare.. kintu service industry te Kaj korte gele min 5 yrs otar jnye lege thakte hy.. that's why in service industry employees are need to be very highly skilled.. bojha galo gordh*v
SG sir, with all due respects to your pointers, I disagree with many Rajan's viewpoints. India needs to be more resilient at home, the benefits we get by forever importing high tech goods and exporting our valuable man power is not sustainable, globalization is not a magic pill that will solve the problems of developing countries. We should build maximum food security, and we should have enough manufacturing capabilities in long run.
All this doesnt matter. Today solar energy is the cheapest way to generate electricity & within this decade solar panels + batter storage/green hydrogen will be cheaper than even coal power plants.
If we cover just 1/3 of Rajasthan with solar panels, we will have enough electricity that every Indian can live like an American (i.e. same energy consumption).
On top of that Imagine the amount of savings we will have not paying 100's of Billions in importing crude oil.
Globalization is already so deeply entrenched that you cannot support our population without it. We're way way way beyond the ability to choose globalization.
Dear Suneel, SG is dulla , Sir is a misnomer for him
Dear Suneel, thank you for your response. I respect different opinions and viewpoints. Have a great day! - Shekhar
@@ThePrintIndia I too didn't find your arguments convincing. I haven't seen RR speech but saying India shouldn't manufacture because it will be bad for climate change is just bananas. Should the whole world just stop manufacturing and move to services? That would be perfect for the climate. Also not all manufacturing is of cheap products. If Turkey can make Bayrakhtar drones why not India? India will be stuck in the middle income trap without advanced manufacturing capabilities.
Even after I hear the whole context, the things which he did not say are still true. Indirectly he is saying let China remain the manufacturing hub. Why not india take up both. Get services and manufacturing… he wants China to continue as the factory of the world , doesn’t matter if they allow true globalization where others benefit or not. This is a thing for which he needs to be called out for and is good if people are calling him out
He is a CCP agent. Simple. No need to listen to his nonsense. SG wants to put perfume over RR's smelly hide.
His predictions are just like blind arrows
OK, then please answer one thing for me:
1. Rajan is nowhere in power today. Is he stopping India from manufacturing in any way?
2. MODI govt is in power, and focused on manufacturing with 'make in India' push
So why aren't we still not making any progress? Why is manufacturing, exports as % of GDP going down? Who is to blame, nationalist Modi who is in power? Or Rajan who you got another chance to blame and abuse?
@@Learningram Modi launched Make in India in September 2014. It has been 8 years.
In that time, manufacturing has only GONE DOWN steadily. It is a continuous decline graph. If only you could improve manufacturing with jumlas.
In fact our highest point in manufacturing was in 1995 when it was 18% (of GDP) under congress. Since then it has been only going down. And it fell off a cliff under this govt, reaching as low as 13%.
The lowest under congress was still higher than highest under this govt.
Even smaller countries like Vietnam are taking away the manufacturing jobs coming from China's loss. Why?
@@mrgyani We have made a lot of progress you d1ck. We are manufacturing 1 billion phones, we have started the ground work for SC fab manufacturing as well. We are now proudly exporting defense equipment. India was beset with credit crunch, piling NPAs, etc. to be able to start manufacturing eight years ago. If you never touched manufacturing in 70 years, it cannot be kick started the next year. It takes time to build manufacturing, starting with logistics, infra development, etc. IDIOT!! Has no sense of what reality is, just keep blabbering....
Outrage on twitter? I thought that was it's only job.
Interview with RaGa has confirmed everyone in India that RR is an intellectually dishonest person.
Alll the points in his speech are mentioned by many economists earlier nothing new in that.
It's not about him being dishonest.
the point is why is RRR saying this?? and why Shekha Gupta defending him??
Mr.. Gupta seems to be self appointed solicitor for Mr. Rajan
No both work for US. US intrest is their interest. US want to keep India low income country and dependent on them
India ranked 115 out of 187 countries in per capita carbon footprint. China is responsible for 28% of Carbon emissions and India 7%. Hence India has lot of margin left to increase industrialisation. In that case China's contribution will decrease and the equilibrium will be maintained.This loby has other vested interests. Moreover who cares for RR speeches.We are eager to listen your wisdom on other more relevant issues.
All this doesnt matter. Today solar energy is the cheapest way to generate electricity & within this decade solar panels + batter storage/green hydrogen will be cheaper than even coal power plants.
If we cover just 1/3 of Rajasthan with solar panels, we will have enough electricity that every Indian can live like an American (i.e. same energy consumption).
On top of that Imagine the amount of savings we will have not paying 100's of Billions in importing crude oil.
@@PK-tt5kk 1 sq kilometers produces 1 gw solar energy. Mh has 300000 sq km, if Maharashtra state allocates just 1 percent of the land, I.e. 3000 sq km for solar, it will produce 3000 gw of electricity. We would be in the leagues of US and China
@Suvesh Mukherjee - Grow up dude. We have so much Sun, Ocean & wind energy. We could have transitioned to renewable energy 40 years back. Please stop sling at West & help Ambanis the richest person in the world. India ranks 110 out of 124 country in poverty index. India ranks 129th out of 184 countries in per capita income (the standard of people life). There is nothing proud to be loser or be a beggar. Please Note -
I have built a wind turbine for 10 lakhs in 2007 which generates 0.25 MW & is still
Operational from 2007. Had I done this in a different country, my work would have been respected & grown further to add meaning to the society.
And these people were appointed by the Congress Government as the RBI governor and then they think why people don't vote for us. 😂
We should content with selling Chines goods . Let Vietnam ,Malaysia ,Indonesia and China etc do all the manufacturing and we only sell there products . He has problems with India manufacturing .So Govt do nothing and do servicing for other countries .
He is enjoying in US but what about unemployed youths .
I still don't see how his words are misinterpreted. As.per this cut the clutter also, Mr Rajan is saying focus on service not manufacturing like China. That too for the reason it's more environmentally damaging. Which is stupid. We don't need to become factory of the world like china, but we still need to boost manufacturing manifold. And of course services will keep up the growth path.
No we need to compete in manufacturing become manufacturing hub which areas can provide 250 million poor improve lifestyle of citizens IT hub as it's limitations in work force it's critical to grow and develop both and green energy is not option but only option
Keep buying condoms from China to control population.
Service produces much better quality jobs
I know climate change is an important topic.
.
Each and every country which is developed and also China haven't cared about climate change while they were on a path of development. They ignored everything and looked only for the development of their country and their people. But when the turn of India comes even some people who belong to India are also complaining about how Indians should live in poverty without developing for others to live well. Nice good thoughts. If such people will come to power then why do we need enemies?
So true we should reject these fakes and ngo we need development world can go in that path
India's green energy is India's future trees can save us and all pollution can be curbed scientifically ...... it's our right we become manufacturing hub with iT tech hub with green energy etc.
Climate Change is a farce.
The same people who want India to remain poor have no hesitation in migrating to a developed country, and being a part of the folks who are polluting the environment at a 100X rate.
@@SkpalTube They want India to remain poor so that they can make money through NGOs and all Big Bindi walis. Its poverty porn and poverty sale. RR is a crook and scam on the league of Nirav Modi Robert Vadra and Malya
Climate change is a tool to fool the gullible.
I love how these ppl save eachothers back .. when is the last time SG made a video to save some one from back clash .. more of a PR video
don't take him lightly.
he is a US stooge. whatever he is saying reflect what US want for us. US want us to remain low income country and remain dependent on them.
India's greatest resources are it's people and sunlight,if we could effectively use both we can be a economical power house. Hope by the end of this century our nation will be the most sought after destination for education ( from primary level to PHD level) and for medical treatment both preventive and cure
No Kg, America will not allow it.
@@Madame702 then we will move away from ah me rica
@@Madame702 lol its 2022 and US is becoming a joke by 2028 china wud takeover US and US dollar becoming toilet paper on its way its not unipolar world of 20th century but multipolar world
All her majesty's slave should leave & serve her..let IND live her own..
China blocked alloy export for F-35s , that's just one example of a weaponizing manufacturing base.
RR's idea can work in an ideal world but we don't live in an ideal world
No Aravind, you don't understand America allowed China to sell the alloy to them so the could make money. The US have the mines they don't really need China for the metals.
@@Madame702 just an example, you dont have to dwell deep into that.
My point is we are not living in an ideal world & better to be at least somewhat self sufficient in manufacturing
@@aravindc102 No Aravind you will have some manufacturing but now that Globalization is collapsing don't expect to make the kind of money that China made. India also never participated in the American Globalization so don't expect India to do so now. Even now India doesn't want South Korea and Canada to join the Quad. So India is very anti Globalization.
@@Madame702 It's not about making money by exports but to rather reduce import dependence which is huge .
Also, South Korea in quad has nothing to do with globalization which primarily pertains to Economics whereas Quad is a quasi military alliance
@@aravindc102 You Indians don't know your history, worse you don't know what British did.
man , he said exactly what everyone is blaming him for. SG you are just adding more clutter. when people are telling you who they are, believe them.
In my school day some of the influential fathers sons would be given extra marks to pass even though they have failed. This CTC reminds me of that.
😂😂😂
🤣🤣🤣🤣👍
I miss those school days
Exactly, just because someone genius said something we take them without scrutiny on face value. Which is extremely dangerous.
And here we have SG trying to save RR’s behind.
He is a Left liberal journalist who after 2014 changed a bit and started "considering" the pov of non-left, he is not neutral,its just that he tolerates non-left as they are in power. Before 2014 he was in bed with khan mkt gang and won't even listen to non-left.
*3 takeaways from this video:*
1. Shekhar Gupta hates nationalists to the core. In this entire video, he keeps dissing at them, mocking/taunting them. Proponent of coup theory taunting lecturing others about facts, is the biggest joke of the century. This guy has been wrong about all of his political assessments so far (from coup to Modi's ascent) but still lectures others with full confidence.
2. After spending the entire video desperately trying to spin Raghuram Rajan's words, he says that I am not trying to defend anyone. The main problem with Raghuram's comment is that India is targeting to become a major exporter in manufactured goods. India is hoping to do this with the help of foreign investments. Raghuram Rajan is making a direct call to the world for not investing in Indian manufacturing sector. India is already a major player in services, so his comments on services as a consolation prize are of no real use. They are just done as a garb to give opportunity to dalaals in the media to try and present his comment as more balanced.
3. Never support this toxic propaganda channel.
Exactly. This is one of the reasons why I am not willing to take subscription. What's the point of making a 20+ apology for an erstwhile RBI governor who the elected govt deemed unfit for his post. And I am glad Raghuram Ranjan was shown the door. We don't need him. Gosh! He'll drown the country.
CTC was supposed to declutter, not opinion thrusting. I sincerely hope it sticks to the job.
Absolutely right on the point of India doesn't need to follow China's path. India doesn't need to be manufacturing hub for the world. But it needs to be one which can provide jobs for the 700m youth. India just has tooo many young people who needs job. And only manufacturing can solve that.
And who exactly will buy the end product of these manufacturing setups if India is not going to compete China in its current share of world trade? How long then these employment last?
Didn't need a CTC to defend him because nobody misunderstood his altruistic thoughts. But what people are saying is he opposes manufacturing inside the room, then he will come out and rue jobless growth. His hypocrisy.... in short.
SG needs to spray perfume on RR's turd. this CTC is basically that.
I have only one word for both SG & RR
"BRUH"
SG thinks that vaccines stop the spread of COVID. That is straight up misinformation. It just reduces the severity of the COVID.
one word - shit
CIA assets they are
Exactly. Im so glad people are seeing through this shit.
@@person1858 SG still is one of the best journalists. He has his biases and has no clue on how bad the mainstream media like WaPo, Nytimes, etc. are. He takes their word like a word of law.
The initial thing he said is not refuted. India as a service economy will be a consumer economy which will not produce. It will also be dependent on externalities unlike in manufacturing where it can work on the domestic market too.
This is BS.
For me the greatest achievement of Modi govt till date is that he never listened to these so called economists who live on the US East Coast.
👍👍👍
SG sir, weather world likes or not, we have to do what's best for our own people. Bringing our poor out of poverty should be the goal one to 100, in max possible environment friendly way. Irrespective of how globalized that plan is or not.
Yes we should do like that.how much un employment we have today.voh ac room mey baitke kuch bhi Bodega.
Sekhar ji, Raghuram's comment on India services led growth is misplaced, I believe that India has to be manufacturing-based and then only it will achieve the kind of growth it's aspiring for.
Remote Services need people interaction, it has a major language barrier, that's why you will see India only exports services to English speaking countries. India cannot start services exports to non-English, speaking countries so effectively if we don't move to manufacturing of tangible goods, we will never achieve employment for the masses.
In services opportunity lies at inbound heath care (medical tourism) to south asia and African markets . These are big employment, generators given our low cost . (For every bed a hospital needs 4 direct staff.)
No Saha, you cannot be a manufacturing power, because one it is to expense to move things by Road. You would need to use the sea or have good rivers to make it very inexpensive to move things from place to place.
@@Madame702 Sir, all the products we buy have travelled from China or USA. The puja ganesh to my the chips on my laptop.
@@sahas397 Yes, let look at the supply chain to make your "Smart Phone" shall we Saha S. It took supply chains from a 150 countries to make your "Smart Phone" Saha S. And four different Asian countries with the right labor pricing to make it so affordable.
@@sahas397 Also the micro-chip in your laptop 85% of all "Silicon" used to make micro-chips comes from one mine in North Carolina, that in United States of America. So China or India cannot become a micro-chip manufacturing without the blessing of the United States.
@@Madame702 so why cant India be in the middle of the same supply chain and not at the end?
Justifying brethren.. another Suella Braverman loving thy motherland..
Solution of Raghuram Rajan is nothing new. $ 100 billion was promised in 2015 Paris Agreement and that is still pending.
A diversified economy makes far more sense than reliance on just one industry like services. India is also transitioning to renewable sources of energy, so why is RR concerned about the climate change angle vis-a-vie India?
He says this and then he gose on to saying we are having job less growth bloody Hippocrates
If India makes things that China makes , the "WORLD" wont say ""NO , THIS IS INDIA . I CANT AFFORD INDIA MAKING THINGS FOR ME" !!!
By the way does Print draw on facts always ? You just missed a fact here too when you referred to Chinese manufacturing as mostly low cost and low quality . I am sure you are aware that China makes apple phones - the world best brand and thousands of other top class brands for the world . India's services on the other hand have mostly been at low end because what we give is generic non IP based .
So there is a case - a very strong case -- a very very strong case for Indian to be the next China. If we have to find jobs , we have to make things in India - from condoms, bikinis, and sex toys to lasers, superconductors, semiconductors, and nuclear reactors to steel, cement, automobiles, and trains. Every damn think !
For an economist to say the world can't afford another China is dumb. The world is not an "entity". It does not decide nor does it think which country should make what. People need things and they buy from countries that make them. The world buys from China because China makes for them.
SG, Pl do an episode on whether the experts should give lectures on just one aspect of any problem such as climate change. What happens if what is good for climate change is bad for Indian economy? What do we do with such advice? Incidentally not clear how if India replaces Chinese manufacturing it will be bad for climate change.
Yeah i would agree with you debate standards have gotten low but earlier only a select few would debate now everyone can and i like to believe slowly standards will also improve
Sir, I admire your style of presenting a lot. I like it because you use common sense and logic to explain things, which for some reason is a rare occurrence in media today. No bias, no attempt to cater to anyone's likes or dislikes, just pure facts. That's what journalism should be about. Wish I could work with you.
Just tell them you are a left liberal or congress supporter. Your chances will spike up
Looks like even the librus and their master have accepted that Modi is slowing but steadily turning India into a manufacturing hub and thus this desperation. Shows how much credibility Jumla party scamgress itself had by having such a person as rbi chief.
Watch the video ignoramus. Its talking exactly of people like you who jump the gun reading a headline
Kaunsa manufacturing hub bhai,Make in India ki bakwaas karne se kuch nahi hota...... Unemployment badh kaise rhaa hai agar manufacturing badh rahi hai?
@@akshayagrawal5114 Now WhatsApp enthusiasts knows more than experts. Smartphone, electronics, cars, motorcycles, textiles, iron, steel, Pharma etc are being manufactured at record pace in India. India recently overtook Vietnam as second largest phone manufacturer and with PLI scheme it's gonna get even more. So keep your eyes closed but it won't change facts.
I don't understand the debate of deglobalization when supply chains of a single product is distributed across countries.
Also I would want India to have its own manufacturing first rather services as it provides jobs, jobs which our rural agricultural workers could do easily and understand too and earn better income from farming. I would not want Indians to burn and destroy their TV sets or other products which are manufactured in China.
Services are important too but they are the third stage. We have this JOBLESS growth because our services sector are far better developed than manufacturing.
So just because of CLIMATE CHANGE we should not let the people of our country suffer.
Nailed it
1. Rajan is nowhere in power today. Is he stopping India from manufacturing in any way?
2. MODI govt is in power, and focused on manufacturing with 'make in India' push
So why aren't we still not making any progress? Why is manufacturing, exports as % of GDP going down? Who is to blame, nationalist Modi who is in power? Or Rajan who these people got another chance to blame and abuse?
Here are some facts:
Modi launched Make in India in September 2014. It has been 8 years.
In that time, manufacturing has only GONE DOWN steadily. It is a continuous decline graph. If only you could improve manufacturing with jumlas.
In fact our highest point in manufacturing was in 1995 when it was 18% (of GDP) under congress. Since then it has been only going down. And it fell off a cliff under this govt, reaching as low as 13%.
The lowest under congress was still higher than highest under this govt.
Even smaller countries like Vietnam are taking away the manufacturing jobs coming from China's loss. Why?
@@mrgyani it is not about Modi or congress. The reforms which were taken in 1991 were mostly in services sector. We as a country have focused thoroughly on it.
And don't look at the smaller picture. GDP gives you value, services sector will always remain high because the product created are of higher value than manufacturing. Manufacturing has grown throughout the years since independence.
And for the Congress vs Modi debate I personally don't hold congress in high regards. They are just self serving masters, they did not make a single worthwhile plan to revive manufacturing in their ten years, At least this government took the initiative of make in India which has started showing some progress
Increasing manufacturing is not easy, and we cannot rely on foreign firms to set up their manufacturing plants here, if India has to increase its manufacturing its people have to take those initiatives.
Thanks Sekharji for the episode. But, one thing it bothers me is manufacturing of goods is a necessity.whether it is manufactured in China or in India or any other country, carbon emissions and climate impact is going to be the same irrespective of the country of manufacturer.
Further, there are many services which are associated with manufacturing. If we do not have manufacturing, we are going to miss out on those services as well.
Also, post Covid and post Russia Ukrain war, the need for being self sufficient in certain sectors like Defence has become very essential for a large country like India. Hence, India has no other option but to go in a big way for manufacturing.
Actually, if India is producing lots of manufactured goods that would otherwise be imported, that would tend to reduce overall greenhouse gas emissions, because you wouldn't be transporting those manufactured goods around the world to get to India. Now, it may be that another nation produce items much more efficiently (with much less greenhouse gas emission/item) than India. In that case the boost in efficiency may offset the emissions from transporting those goods to India.
We've increased defence exports by 300+% since 2015. Brought 40cr people out of poverty in the last 15 years. Our exports are at an all time high thanks to make in India. We have produced unicorns by scores thanks to start up India. We're the 5th largest economy now. The investments under PLI scheme will do wonders in the decade to come.
That's not it, we are currently constructing national infra projects like dedicated freight corridors, Delhi-Mumbai industrial corridor, rapid rail transit, making expressways at a record speed everyday.
The point with people like Rajan is that their words hold sway over the international community. They can malign India's image and undermine all the progress that we've made in order to further their leftist propaganda and serve their paymasters.
true but we can't just rely on service or manufacturing we need to start developing advanced industries so that in next 20 or 30 years we can have something more to offer and sell on world market. Like britain gave industrial revolution , america gave computer and internet revolution , china has a strong AI, macine learning expertise and capacity to build fast and world class infrastructure.
we to need to invest highly in our universities and research and development we can't compete only on our human resourse in the coming future we need to compete on technology and expertise.
On high tech side, work is ongoing but main priority right now is absorbing the current technology available to create manufacturing base.
Implement clean manufacturing technologies instead of avoiding manufacturing altogether.
When agendas and ideologies take precedence over rationality, even the best are not left unsullied.
SG wants to believe in the righteousness of RR, but the plain fact is even after reading the entire speech, there's no justification as to why shouldn't India industrialise.
If he is really pure at heart then he's a bad economist. And if he's a good economist, he's definitely not being honest.
No abhinav dwivedi, it isn't that India shouldn't industrialize. That is the wrong question. The question is can India industrialize? So look at the countries around the world to answer that question.
So "Geography" determines what you can and can't do. If your country has good farmland it has a lot babies so it has a big population. If you country has oil and natural gas lots of minerals it can industrialize. But you see India doesn't have a lot of oil, coal, and natural gas. It doesn't have rivers that allow for cheap transportation of goods. So it very expense to move products by road.
Rivers to help move products. Roads so expensive to move products that it was cheaper for the British to have a suit made in England and transport to India than it was to move 100 tons of grain 70 miles in India.
@@Madame702 your comment is so stupid , that i had to delete everything.
🤓
@@meow14115 Ok, please but just understand you have been trying to be a manufacturing country since Nehru was Prime Minister. It hasn't really worked has it.
I mostly agree on what Shekhar Gupta says, however if environment was the only concern, why can’t we talk Nuclear? Even for running computers you need to burn Coal for generating electricity. People will say you can do it with renewables. But the kind of population we have, it’s hard to match using Renewables. One also has to be cognizant about the fact that Manufacturing is strategically important for us. Take for example Vande Bharat Express or Train 18, these are the kind of projects will not just shape our country but also medium and small economies in Africa, South East Asia and even some of the developed nations. They don’t have good enough railways. Our proposition is cost, within $20 million you can get one train. If some central african republic or south east asian country doesn’t have good enough railways and has a nominal GDP say $50 billion. By spending merely $300 to $400million you can get good quality railways which runs at a speed of 180kmph. Which is more than enough to add into their productivity. Take for example Armenia, they started deals with us by buying crucial defence equipment which costs way less compared to any other exporter. Now defence, tomorrow Railways, may be 5G. Same goes even for most North African countries. You can’t have so much migration. If there is any country that can give cost effective, production surplus, export led manufacturing, it’s India. RR made a point about the environment, however not suitable for Indian context. Atleast, developing and developed nations can talk nuclear, because it is expensive, environmentally safe and enabler for new growth engine. People forget the amount of energy is required to run full blast 5G and 6 G services. What will you do in that case? Will you burn more coal??
I like the way you narrate the news shekar ji
Raguram Rajan is the Suella Braveman of India.
Audio seems to be missing
if all of us switch to EVs, we will consume all the rare earth minerals in 1.5 generations, let that sink in. Even though some of drive only 10K KM a year, we will all consume same lithium in a year. And no way to recycle the batteries, cars, solar panels, wind turbines, just no way.
Reminds me 2013 quote by Mr Modi when he was asked about Gujarat riots and he said `if a puppy comes under the wheels of your car, you would feel sad`. And then amount of havoc created by the Indian media was a news riot. So, our media is doing it for a while. Coming back to to Mr Rajan’s comment, we are yet to arrive on a same page on nuclear issue, climate change is a far cry.
I don't know why but Raghuram Rajan is 60% economist and 40% politician.
Lol a history graduate RBI gov. Is performing better then Rajan nowadays 😂😂😂😂
Is he ?
don't take him lightly.
he is a US stooge. whatever he is saying reflect what US want for us. US want us to remain low income country and remain dependent on them.
Problem with R Rajan is that he has lost credibility. Once you lose that, the public will draw their own conclusions thus opening up the field for his opponents to take advantage. So how ever you might try, it is not going to help. It is a poor attempt at communication for a lost cause Mr. Gupta. You wasted your episode I am sorry to say!
American stooge
Bang On!!! bang on!!!
only comment I have seen so far who can see the truth.
most people are blaming congress! hahahahah
India has to go into manufacturing, continue with services, pharmaceuticals,farming and construction, tourism.
India got huge population, we need to provide employment to huge masses.
I think What Mr.Rajan tried to say was that "Manufacturing sector alone isn't the panacea for all the problems of India and manufacturing sector is needed to grow to cater Indian demands but not in the hope of becoming another china."
He also has a point.
This man Raghu Ram Rajan, came from US to become RBI chief & went back there immediately after his tenure. he has zero love & care for India. He is a talented man no doubt, but his motivation is money & power.
Even with the context the outrage is justified
As this proposition assume a perfect globalized world which far from reality.
PS why all the experts at global stage tend to say exactly opposite of what back in home policy makers do.
I think Raghuram should start advising China and Pakistan instead of India. India already has more capable people to deal with its own and world problems.
For volume take membership 🤣😂😂
Lol
I totally agree with those who say he is an agent of the Chinese and plays in the hands of environmentalist. This guy is so hell bent on not allowing India to become a manufacturing hub. Thank God that the government saw through his BS and ousted him from the RBI. Those who try to damage India at the international level should be dealt with.
No it not that Percy, you must understand, to become a manufacturing power you need massive supply chains that India doesn't have. It also need access to really cheap oil and natural gas. Now America has that but India doesn't. So he is being realistic.
Now you say wait Three eyed Raven we right next door to the Middle East, and your right but the Arabs of the Middle East isn't going give Indians a free ride. They are charging India a lot of money for their oil, and natural gas, and they just announced a cut to production which would hurt India if it was a manufacturing hub.
@@Madame702 @Three eyed Raven So by this logic, Middle East and Russia should have been the biggest manufacturers in the world. What sort of lame logic it is. West didn't support China because of some philanthropic reason but because of their own benefits. India has the largest population in the world so demand won't be a problem ever, so manufacturing is must for India not only for exports but to also provide for its population.
@@PERCY-26 No Percy your not making any sense. The Middle East has no metal, they must import all their metal and materials they would a poor manufacturing countries which they are. The cost of manufacturing would be ten times that of a normal country. So they would never be cost competitive.
@@PERCY-26 Russia cannot be a manufacturing power because will they oil and minerals they land is so poor. There is only a very slim area were Russians can grow food. The rest is either deserts or it freezing tundra were your nose would freeze off during the fall months. There agriculture is to unstable at times and their road system is non-existent.
Big sigh to SG and his buddy RR smh
We should not limit our economic decision to just academia. We should do whatever it takes to pull out our huge human resources out of poverty by keeping in consideration of the environmental impact. We just have to maintain the equilibrium.
Please do an OTC with him🙏
Is he relevant?? Sorry but he had wrong predictions in past especially in covid times
Dear Suraj, we will keep this in mind. Thank you for watching. Keep supporting ThePrint - Shekhar
Mr. Raghuram Rajan is one of the advisors to the Tamilnadu Government since May 2021 - I have not seen any change - except that the present state government has increased the electricity charges and Property Tax by more than 100%. The Present TN Government is also deep in debt and is dependent upon the income from sale of liquor which the leaders of present dispensation promised to abolish once they are in power. We need more light on this!
Because he is clueless
Who says we will follow China? India will follow the India way. We are dharmic people in our roots. We will follow our dharma to the nation, to our environment and to the world.
Dear SG sir,
Hope you are keeping well and thank you for this episode of CTC.
Althought this CTC was not dedicated to dissection of RR's speech, I couldn't help but notice - the mention of Carbon-credit based global fund/trading mechanism.
If memory serves me right this is the same as CBDR (Common but Differentiated Responsibiity) based carbon trading/funding mechanism mentioned in Kyoto protocol (1997 vintage!! - was a non-starter + US never joined it) .
It was eventually being replaced with Paris Climate agrement's NDC (Nationally determined contributions- emission utting targets).
As for the Green Carbon fund(GCF - pledged by developed nations towards developing nations transitions) funding is not forthcoming at the moment ,norin the near future(with the global economy right now heading into recession looks increasingly unlikely).
This raises a few questionsin my mind:
1.why will this idea take off now? (it was agreed upon and then not implemented - giving air to the idea that developed countries are solely going to target - adaptation measures within their borders - much like what they did with vaccines during covid pandemic - instead of focusing on mitigtion and echnology sharing)
2.Can manufacturing can be ignored in lieu for services for a country the size of India? (especially given our income levels)?
Having said that I agree this episode was dedicated to something else entirely!
But perhaps these questions among many others emanating from this very talk are worth pondering upon (- given that this is not the first time RR has made these points viz. of focussing on services and not manufacturing at diffferent forums)
once again thanks for the episode!
Regards,
Abinash
Dear God! he is not your Boss. have some self respect
All this doesnt matter. Today solar energy is the cheapest way to generate electricity & within this decade solar panels + batter storage/green hydrogen will be cheaper than even coal power plants.
If we cover just 1/3 of Rajasthan with solar panels, we will have enough electricity that every Indian can live like an American.
On top of that Imagine the amount of savings we will have not paying 100's of Billions in importing crude oil.
When someone who needs to do something refuses to do it, there should be a consensus built slowly and he should be pressurised to do the right thing ultimately. Building the consensus may be a tedious process, particularly against a lone superpower. But the world must keep trying. Otherwise Britain would never have vacated half the globe it was occupying.
One problem is that people do not understand how serious is the problem of climate change. No one has legitimately criticized RR on this way of addressing climate change.
Thank you for watching ThePrint's channel, Abhinav. Do head to our website for the quickest updates & some fine insights from experts -- Shekhar
Fact free outrage. 😂very well coined term.
People who don't care about the environment don't know anything about how a nation can progress, people, forget that we all live on the same planet, so caring about the planet, is more important than caring about country
Great analysis! When governments are run by populism, its the job of the journalists to tell the truth, however unpopular it might be. Shekhar Gupta is such rare individual who can stand up for globalization, based on the facts rather than clickbaits.
Are you out of your mind?
Lavda 🤡
You sermonised for 25mnts but failed to integrate India’s need for manufacturing independence as a strategic need and then critique RR. This kind of disjointed timing done in isolation of the reality is wishful thinking.
Even just born baby knows Raguram rajan speech is written by Chidambaram who is backed by Sonia and her missionary… this guy was kicked back so badly because of pro-china stands for ISI pays him
It appears both are blabbering... SG is good for covering Pak and Raghuram is good for the world of old colonial power structure. Guys read the recent opinions of George Soros on Russia Ukraine war.
Analysis of Raghuram Rajan lecture by The Print is really very pragmatic & factual.Mr Rajan talked in genuine way on Climate Change intricacies,we must admire his intelligence in financial intricacies connected with Climate Change. Thanks Shekhar ji for taking this issue of 16 words ,prejudices by certain section of Media.
Save India from the clutches of self serving loudmouths like this fellow, he criticized whatever actually works for India
SG ignore Raghuram what he says. He lost his credibility these days. He is more of politician than economist these days. So just chill 😅
The majority of the population has an IQ of a factory floor worker. We need large scale manufacturing to provide jobs for them. Not everyone can sustain themselves in a service economy. The service economy is customer driven. If people don't have money to buy then who will they sell it to.
When the West grows..no one cares about the environment, when India grows... suddenly everyone is an environmentalist. Woe clap from my side
A country like India must focus on Organic agriculture, healthcare and manufacturing. That’s why Raghu was ousted because he destroyed manufacturing in India and damaging the Indian economy permanently.