Mr. Raghuram Rajan said, “I believe this argument is totally wrong, it is based on an outdated model of development that emphasis on goods and capital, not people and ideas.”
Former RBI Governor Raghuram Rajan on Saturday in his address at the AIPC National Conclave said “India does not need authoritarian leadership to grow.”
“What is happening in a liberal democracy in this country today? and is it necessary for Indian development?, the former RBI governor questioned.
“I will argue, it is and we absolutely must strengthen “, he added.
He further said. “There is a feeling among some quarters in India Today that democracy holds back Indian growth and India needs strong authoritarian leadership, with few checks and balances on it to grow, and we, seem to be driving in this direction”, he said.
Mr. Raghuram Rajan said, “I believe this argument is totally wrong, it is based on an outdated model of development that emphasis on goods and capital, not people and ideas.”
“I argue that the recent underperformance of our country in terms of economic growth seems to indicate that the path we are going on needs rethinking.” Mr. Rajan added.
“I will make the argument that in fact, our future lies in strentenghning our liberal democracy and its institutions and not weakening them and this is in fact essential for our growth”, he said.
“The former RBI governor has been quite vocal about his view on the economy of the country and never shied away from criticizing the policies of the government.”
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