4 ms·
Eh, this is a bit misleading without context. The person in question is Raghuram Rajan. He is not criticising manufacturing led growth, but the idea that India
by pkd 3y ago
Eh, this is a bit misleading without context. The person in question is Raghuram Rajan. He is not criticising manufacturing led growth, but the idea that India can blindly follow the path that China took, simply because the world is very different now than 30 years ago when it comes to globalisation.
He thus thinks it is more appropriate to "make for India" than "make in India", the latter being the name of the initiative the current government started back in 2014 - when he was the governor of RBI. Also he has been saying it since 2014 at least, not "now" as the parent implies.
https://www.livemint.com/Politics/nEPZGnUMtLN3o86upKbPsI/Raghuram-Rajan-questions-Modis-Make-in-India-strategy.html https://www.livemint.com/Politics/nEPZGnUMtLN3o86upKbPsI/Rag...
- ummonk 3y agohttps://www.youtube.com/watch?v=kfAEgdri6C4 https://www.youtube.com/watch?v=kfAEgdri6C4 https://economictimes.indiatimes.com/news/economy/policy/the-world-cannot-afford-india-to-follow-chinas-manufacturing-growth-model-says-raghuram-rajan/articleshow/94890414.cms https://economictimes.indiatimes.com/news/economy/policy/the... He's been pretty explicitly against manufacturing-led growth and in favor of services-led growth. And indeed "make for India" strategy would mean India remains a net manufacturing importer as it makes some goods for itself and imports others, without any exports to balance out the goods it cannot produce.
- pkd 3y agoI am not sure your sources are in disagreement with what I said. You are hypothesizing a situation where only manufacturing exports can balance out manufacturing imports, but that is not true - we gain capital from service exports also. It is fine to disagree with him, but your logic isn't sound. I personally also think India needs more industrialisation but that's not in conflict with what Rajan is saying.