Former RBI Governor Raghuram Rajan Talks About His New Book 'Breaking The Mould' | CNBC TV18
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- เผยแพร่เมื่อ 16 ธ.ค. 2023
- CNBC TV18 Weekend Special | India is a coding superpower, must not have a manufacturing fetish says former RBI Governor Raghuram Rajan as he lays out his roadmap for growth in his new book 'Breaking The Mould'.
#raghuramrajan #rohitlamba #breakingthemould #india #indiaeconomy #indianeconomy #economicgrowth #roadmap #growth #cnbctv18
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Once I thought these guys were legends. But now I have so many counter arguments for theirs. India is going on the right path. I don't think their view is better.
You forget automation and robotics rise in industries of the future. Manufacturing will not give that many jobs as it used to give
@@narayansingh9407 10 to 20 PPL per lakh will get will higher salary if we focus on that. More than 40k ppl will atleast get middle income jobs if we focus on manufacturing.
No country has ever become developed without manufacturing and directly doing services.
@@narayansingh9407 and services well?
@@Selva_Investments but manufacturing is largely a blue collar industry
@@ashwinvk4124 yea, but blue collar is far better than unemployment or low productivity agriculture.
The comments section is so much wiser than the 2 speakers. I have not come across a single economist who has talked down on manufacturing.
I get the philosophical argument he is making on the role of subsidies and possible cronyism but he needs to demonstrate that PLIs as currently designed are doing that or will be extended indefinitely under corporate pressure etc. For the country to produce its own Honda or Tesla doesn't happen just by skilling people when you are a 2k$ per capita economy. If you train a lot of people in professional skills and the economy isn't sophisticated enough to absorb them, you will just end up exporting people to US,UK,Australia etc. This is why you need a Micron, the skilled electronics engineers will get jobs, more kids will aspire to work in that area and in future more innovation can be done by them and move up the value chain.
100% correct... Basically they are promoting continued imports from state subsidized surplus manufacturing capacity built by China AND creation of cheap high quality labour for western companies through Indian taxpayer funded higher education institutions.... How is tax payer funding of IITs different from PLI ?? At least PLI creates local jobs and downstream ancillary SMEs ..IITs only produce engineers that migrate to Silicon Valley
EV companies are already pushing for extension of Subsidies. Yes, Every Manufacturer will ask to extend PLI schemes. The companies which are closer to govt will get extension.
@@Manikanta-hh7wp Last i checked FAME subsidies were not part of PLI. That is a different program to do with transitioning to EVs. There is one PLI for batteries but it hasn't been rolled out to industry yet.
PS : I just googled and FAME subsidies have already been reduced from 40% to 15%. So, even for that program the subsidies have already been reduced.
@@joshua_ch under CHIPS act 2022 USA is providing 53 billion dollar subsidies. Govt is not asking IT/consultants/Financial advisors to start working in foxconn plant doing nut and bolt jobs. Govt is creating jobs semi skilled people who were mainly employed in unorganised sector. Foxconn employs over 30,000 women in India this is a great way to increase family income which will ultimately leads to better education & nutrition for her kids
Aa gaya maha dhurt neech shakuni
😂😂😂😂😂😂
We must have to focus on manufacturing.
Because to steal manufacturing from us one should invest a lot of money. That may not be the case with IT etc.
a lot of money for whom? while the wages remain stagnant? hell even the country doesn't reap benefits out of it!
Can u believe former rbi governor saying we don't need manufacturing 😮
and it's a call that we do not need the current economic system driven by this current regime!
How can Modi Bhakth can understand English and digest the Argument of Rajan? lol..
Sir, aap galat hain kyoonki manufacturing sector me job jyada banate hain isaliye agar ham kam value wale manufacturing sector me enter karenge to jyada employment generate hoga. Service sector me salari jyada hai par employment quantity kam hai jabaki manufacturing sector me vsrious job requirement hoti hai jisame unskilled, skilled, ITI deplome, Btech mtech k sath daily vage wale dihadi majdoor sab ko kam hota hai. Isaliye manufacturing sector me america jab tak tha matlab early 1880s till 1990s tak vo bahut prosper tha. Vahi samay ab hamare desh me bhi aayega.
GDP doesn't equate to a better life for us all! it only means more production! What if our wages remain stagnant? While inflation is all corporate-driven?
Most negative person
He's not
So u r most negative person
Stupid Rss people will make every one poor that I why I am making money in uae
Answer about India's unemployment rate..... What this govt doing? Why petrol & diesel rates so high? Answer about LPG gas cylinder rates? .....why govt didn't answer about any single question?
May be there is merit in what Raghuram is saying and it does not require Raghuram to say what he said in his opening remarks. However Point is high level value adders such as coders for TESLA could be few hundreds whose families would benefit with prosperity however manufacturing would benefit atleast lakhs of families. And from those lakhs of families few coders would emerge. If manufacturing is not started in big scale in India benefits of economy would bypass lower rungs of society and there would be more jobless growth which is detrimental to Indian societies at large ...
He's not wrong though, The biggest companies right now are Apple, Google, Meta , this biggest breakthrough was OpenAI.
Let's not ignore manufacturing but the govt for sure should focus on high quality education and let's stop hand holding manufacturing, we ain't beating china and vietnam, this ain't the 1980s.
RaGa ka naya shwaan...
Stop barking, have you even heard his interview about this book ? If not shut up. He has some very good valid points there. Politicians haven't bought us, we don't work for politicians. We work for this country, you and me , just listen his podcast with The Deshbakht channel. Even if you don't like him, just do it for India, you'll see what he's trying to say.
@@narayansingh9407 😂😂
In many of his interviews when asked about his misplaced assessment of the Indian economy, where he had said that the Indian economy will slow down and won't grow beyond 2 odd % post-covid and in fact the economy is growing 7%+ in multiple consecutive quarters this so called economist said that the growth happened because India was "fortunate"...
What kind of economist in his right mind credits the consecutive good growth quarters of one of the top 5 economies of the world to "fortune"... Is he an economist or a fortune teller??? To top that he calls himself as a progressive.. 😂
He did not want to credit apt policy decisions and timely actions by the current leadership for the growth of economy since he wants to be in the good books of RaGa...ergo, RaGa's new shwaan...
To top that, your comment suggests that RaGa's shwaan has his own shwaans.... 😂
@@akd886 kitab bikawane ka tarika hai sara
What's ever during his tenure Indian economy was in mess
Is semiconductor and electronics are low value. What's wrong with this bookish economist.
You can't design , market unless you know how to manufacture.
We can start running instead of learning walking as we can cover distance faster.
boiis hold your horses... He is he probably the best liberal market economist out there and his view on chips world market will be prescient. India is trying to flood an already deluged outlet of chips manafacturing world
manufaturing is important because it employs the low skill people . the service sectore requires some level of skill and education ....so i think manufacturing is important .
It results in the growth of a selected few! not all!
Low value manufacturing provide jobs more than high value manufacturing.. We need to go both together....
India is 1.4 billion country not Taiwan, Singapore etc. We shld make everything and design mfg, market rtc
And look at how their population is suffering😂GDP doesn't equate to a better life for us all! it only means more production! what if our wages remain stagnant? While inflation is corporate driven?
Raghuram just speak everything which can slow down india. ..
Government provide pli for pulling new and new company.. That's why lecturer doesn't make much money. They are very short sighted people
😂😂😂
He said that India should not get into manufacturing. India desperately needs jobs at all skill levels to make use of age demographics. Your plan for the low skilled segment of the country is to throw them under the bus? He is a politician not an economist anymore.
We should focus on every possible manufacturing - whether Low or High!
To all the great intellects here, I have just one question, check where is your nail cutter made - "Made in Korea". Hope you get the point, he explicitly says, AND everyone else says too, that, India is viewed as a center of CHEAP labour, this is what he is trying to avoid. Government would like to enable manufacturing as they would like the middle-income to earn and SUSTAIN not LIVE. It needs a broader view in order to understand what views he has.
His point is, if you're poor and your teeth aren't good enough to eat chicken legs with bones, then just go for chicken breast where every bite is just meat. After all, chicken breast has more protein and less fat than chicken legs，so it's better for a poor person
Some time one also could say why to have one's children once he can raise other' s quality children of others.
Let us also not have a "Hate Modi" fetish.
😊
Covid 19 has proved the need for manufacturing in India. Period. Specially healthcare products,smartphones, automobiles etc. A huge amount of api for medicine still comes from china. Every other product u see has some sort of connection with "made in China."
Remember in this time of desvacti n all, import from chine even after that little standoff along the border has increased a lot!
Being a service oriented nation, has exposed India during Covid n we all saw the govt failed to cope up with it during that deadly 2nd wave.
Neither of the two can be sacrificed. Services is imp.
What is more worrying is that this govt is turning India into a debt laden nation. Huge amount of pli has been given n those loans are not getting repaid. People are turning poorer while top 3 4 businessmen have been allowed to take gigantic loans from govt banks to build infra. Cost of housing, cars are gettimg higher n hence loan emi. Food prices petrol diesel n gas prices are at very high level n it is staying there.
People are taking loan either from pli, mudra, personal loan from nbfcs to sustain.
So the top, middle n low all income stratas are gettimg into loan trap. N when this bubble bursts in near future, what may happen to the economy is a grave concern imo.
We are amidst the sea of risk of manufacturing,hence,we should be a learner as less skilled personalities,less efficient machinery having such big problems in accounting arena.Adopting high quality job offering seemingly tough as the personality trait is concerned.
This joker has long history of going wrong miserably
While you're the joker who doesn't know an ounce of what economy is... Thinks it's a Natural Phenomenon 😂
@@aryansingh-ne9je this dimwits think india growing is xyx natural phenomenon etc nothing to do with governance or current govt ....
and the learned joker was disaster in understanding natural phenomenon... joker followers 😭
investment in human capital as argued by them is costing us IITs and AIIMSs were made with an intent to invest on human capital but instead what we have done is funded brain drain where students study from these institutions and end up in us companies or civil services
Govt spending on practical knowledge directly...with time they will gain expertise in respective fields?
I mean not having a supply chair of your own on technologies using critical minerals is absolutely the idea of past , the world is rapidly deglobalising
He is fanatic(not fantastic) as per his example. Foxxcon and Apple comparison is not nesscary as both company has different aim.
No country ever skipped manufacturing and become great power. And manufacturing mostly serve to poor and lower middle class most. This maintain proper distribution of income in lower income of society.
Such arguments make him dumb.
We will extremely lucky if india gdp goes upto 5 mark in next upcoming year 🙏
GDP doesn't equate to a better life for us all! it only means more production! what if our wages remain stagnant? While inflation is corporate driven?
@@aryansingh-ne9je Don't know much about economics and didn't claim higher gdp will solve all the problems..
Let's not get Raghuram fetish.
He is talking about selective approach when global supply chain is breaking down and you dont know when or who will be even able to provide supply 😂😂😂😂😂😂😂😂😂😂 i dont understand how and why people even listen to him
Get some better ppl to speak. This guy is more of a politician. He has absolutely no idea of india!!
Why our Prime minister can't debate or answer questions like this for past 9 years ?
Because we told him not to. His ministers will do that job. He will answer us the people directly. And let's be real. You are not gonna vote for him no matter what.
Surprised to see these on Modi's channel..,
You may see him on pappu's channels
This in turn will force people to be exposed more to the whims of employers who are forcing people to work long hours for very less pay. People are getting helpless. As there are not enough jobs, they are doing whatever they can n on top of that they have loans.
I believe situation was way better befire 2014. That govt managed economy way better imo. People may differ on this but the data speaks.even after so much manipulation of data, kpis, still grim reports keep coming in n givt keep refusing to accept it. Very grim n worrysome condition. I dont think India despite what is being portrayed on media is riding on all inclusive growth. Some 10% is benefitting from this govt n for the rest they are selling this concept of dharma, mandirs n all.
The more manufacturing sectors are there in India, more will be the choices for a common man to be an employee of. This would increase the free market economy and bring competitiveness in the market at higher levels too.
Currently with such a large number of skilled yet unemployed people in India, corporates can offer very low salaries because there is always someone to replace the job of a low working employee. This is what needs to be removed which is exactly what the Modi government is trying to do, and succeeding quite well.
I know that you know this though and the only reason you have written this is because you are the likes of Raghuram who want to break India. A part of the extreme leftist cult. Still at least some might not get brainwashed by your sheer stupidity in the guise of sophistication, just like the likes of Raghuram.
GDP doesn't equate to a better life for us all! it only means more production! what if our wages remain stagnant? While inflation is corporate driven? Recessions happen yk😂
i wish this person wld have become a professor or work in a think tank and give insights instead he gives nasty political comments.
These economist churn out these rubbish books without any practical experience. He is just watering down modi bjp mfg effort and glorifying Congress IT services which they didn't do it. Bangalore enterpreurs did it. Why are you giving air time to these rubbish ideas.
Investments in 1980s &90s from government was the reason why Bangalore became an IT hub.
Ye kuch toh fuk rha hai recently.
Kyu?
jaise tum pichle 10 saalon se phook rhe ho Sanghi maal😂
Why does US media house interview this joker who is unemployed and looking for Indian entey into politics. Paid news 😂
This raghuram ragan needs to stop lecturing us on “supposed” limitations. Thank you sir we dont need your outlook. You were a rubbish treasury chief. Did nothing now became the mouthpiece of Opposition
And this fool was RBI governor 🙄
Next phase of toolkit has begun after the state elections.
Because you wish to maintain the status quo!
Little time to move from celebrated figure to joker
It's always a pleasure to listen to Raghuram Rajan sir.
"Apple is 3Trillion Dollar company. But Apple has not made a single product on its own since 2004. Foxconn and other companies does that for Apple. Foxconn is 50 billion dollars company". He said in an podcast with The Deshbakht channel. He has made some pretty good points. I believe every Indian should watch atleast that episode for India. He has said something valuable, which i hope Indian govt listens, it maybe beneficial
we already have a functioning service sector... manufacturing provides jobs to masses and that's exactly what we have masses... no country has succeeded without a strong stable manufacturing sector... the same USA is pulling for manufacturing even after having apple with 3 trillion dollars valuation.
@@ayushc5704you are absolutely right and i have same thought, are we thinking wrong or missing something because we are layman and he is former RBI governor.
@@ayushc5704 then you forget the fact that manufacturing will not provide as many jobs in India as it did in China, even if the entire manufacturing industry shifts to India. We will see widespread use to industrial robots, to manufacture products, which is only going to cut jobs. No company wants to pay to workforce that goes to strikes, paid leaves etc. You need to consider automation and I am afraid Indian companies won't be behind in this game. We can become manufacturing powerhouse, but robots intensive industrial powerhouse tbh. There will still be humans , but we won't need them in as much numbers as required in history
@@narayansingh9407👏👏 awesome man!
Mr negative rajan
While you wish to maintain the status quo🤣
i would like to request raghramrajan sir to make his personal youtube channel and try to express his word so that he can also contribute to the better understanding of societ in terms of economics just like dr. vikash dicyakriti did for the betterment of the society as a good human because it inspires a lot of people .
Read a book by Yannis Varoufakis, Techno Feudalism: What killed capitalism