Former RBI Governor Warns Against Overconfidence Amidst Educational Challenges
Renowned economist and former Reserve Bank of India (RBI) governor, Raghuram Rajan, has raised concerns over India’s economic trajectory, cautioning against the prevalent optimism surrounding the nation’s growth narrative. In a candid interview with Bloomberg, Rajan dismissed Prime Minister Narendra Modi’s ambitious vision of transforming India into a developed nation by 2047 as “nonsense,” emphasizing the stark reality of persisting educational challenges and societal disparities.
Challenging the notion of India’s imminent development, Rajan underscored the critical importance of addressing fundamental issues such as inadequate access to education and high dropout rates, particularly among school-going children. He argued that genuine progress cannot be achieved if a significant portion of the population lacks basic educational opportunities.
Expressing skepticism towards the prevailing hype surrounding India’s economic growth, Rajan cautioned against complacency and urged policymakers to prioritize tangible solutions over rhetoric. He emphasized the need for concerted efforts to equip the workforce with relevant skills and create employment opportunities commensurate with their abilities.
Highlighting the alarming statistics of educational underachievement among Indian students, Rajan pointed out that a considerable proportion struggles to attain proficiency in basic literacy skills, posing a formidable challenge to the nation’s human capital development.
Furthermore, Rajan criticized the government’s allocation of resources towards flashy projects, such as semiconductor manufacturing, at the expense of addressing systemic issues in the education sector. He cautioned against prioritizing superficial achievements over foundational reforms essential for sustainable growth and development.
