Former RBI governor Raghuram Rajan said that the new year will be more difficult for the Indian economy along with the rest of the world due to war and other global circumstances. We'll be lucky even if Indian GDP grows at 5 percent next year amid high inflation, high key interest rates, and slowing exports.
Rajan said, higher global commodity prices are driving up inflation in India. This will hurt the economic growth rate. In conversation with Congress leader Rahul Gandhi, the former governor said that slow exports and a declining growth rate are big problems for the country. To deal with this, technical support and credit are needed. There should be certain about the policies as well.
The rate of growth was already slow
There is a big problem with the growth figures, the former governor said. You are judging what looks good. Ideally, we should compare 2019 and 2022, ie before the pandemic. The pandemic was only part of the problem. But, India's growth rate was already slow.
Increased inequality between the rich and the poor
Four-five capitalists are continuously getting rich in the country. Two Indias are being created. One of the farmers and the poor, while the other of these capitalists. This is increasing income inequality… To this, Rajan said, the income of the upper-middle class increased in Corona because they could work from home. But the poor had to go to the factories and they were closed. This stopped the monthly income of the poor. This has further increased inequality. We cannot be against capitalism, said on wealth in the hands of a few industrialists. We should be against monopoly as it is not good for the country.
That's why small companies cannot become big
The economist said the reason why small companies in the country do not become huge is that they get used to some of the advantages of being small. We take those benefits back as they get older. Instead, why don't we say that if you (companies) become big then the benefits will be available for 5 years? The government should help companies to make them big, he said.
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