Raghuram Rajan, the former governor of the Reserve Bank of India has stated that young Indian has a mentality similar to Indian cricketer Virat Kohli. Speaking at an event in Washington DC, the former RBI governor called for an urgent need to make Indian innovators to stay back in India.
Speaking on the topic - Making India an Advanced Economy by 2047: What Will it Take - the former RBI governor stated there is a need to get Indian innovators to stay back and invest in their homeland as opposed to going abroad.
"We need to ask what is it that forces them to go outside of India to set up rather than stay inside India? But what is really heartwarming is talking to some of these entrepreneurs and seeing their desire to change the world and increasingly many of them are not happy staying in India," the former governor stated.
Citing innovators wish to expand more globally, he added that "there is a young India that has a Virat Kohli mentality. I'm second to none in the world".
During the press conference, Rajan has projected a six percent growth for India, adding that there needs to be a focus on improving the human capital and enhancing skill sets.
"I think we are in the midst of it (democratic dividend), but the problem is we are not reaping the benefits. That's why I said 6 per cent growth. If you think that's about what we are right now, take away the fluff in the GDP numbers. That 6 per cent is in the midst of a demographic dividend," stated Rajan.
"It is much below where China and Korea were when they reaped their demographic dividend. And that's why I'm saying we are being overly complicit when we say this is great. This is not because we are losing the demographic dividend because we are not giving those guys jobs," he added further.
The former RBI governor also stressed on the need to create more jobs in India in order to combat the rising unemployment rates and to steadily improve capital intensity of manufacturing.
(With inputs from PTI)
