Majorityism is extremely detrimental to India’s future: Rajan

Majorityism is extremely detrimental to India's future: Rajan

Majoritarianism will be exceedingly perilous for India’s future, according to famous economist and former RBI governor Raghuram Rajan, who spoke on Saturday. In a webinar, Rajan emphasized the importance of reducing some of the statutory barriers to criticism in order to make the government more receptive to criticism. “Our movement toward majoritarianism has immense ramifications, many of which are negative…it runs counter to every economic theory,” he cautioned. Rajan, who is known for his candor, stated that India requires inclusive growth, which cannot be achieved by treating any sector of the population as second-class citizens. Majoritarianism, he claims, is divisive, dividing India at a time when the country needs to stay united in the face of external challenges. ”The way we see majoritarianism playing out, in a sense, will be extremely dangerous for the future of India. I think it should be resisted at every step,” the eminent economist said.

Rajan, currently a Professor at the University of Chicago Booth School of Business, said that India has strong growth today but one has to be careful about growth numbers. ”Any growth obviously should be celebrated. But we can’t ignore the fact that the strong growth is from disastrous numbers posted in the last fiscal year,” he said. The eminent economist pointed out that India has been underperforming ever since the global financial crisis. ”We have not created good jobs that we need…despite the strong growth, we are significantly below the pre-pandemic trend line,” he noted. According to Rajan, India’s export performance has been good but not spectacular. The eminent economist stressed on increasing female labour force participation in India. He however added: ”Even during the last decade of slow growth India has had some successes But we need to do better.” Noting that data is needed for making the right decision, Rajan said,” We need a learning government. We should stop suppressing data ,whether it is data on unemployment or data on COVID deaths.”

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