I Do What I Do by Raghuram G. Rajan

I Do What I Do by Raghuram G. Rajan

Author:Raghuram G. Rajan [Rajan, Raghuram G.]
Language: eng
Format: epub, azw3
Tags: null
Publisher: HarperCollins Publishers India
Published: 2017-09-03T18:30:00+00:00


V

Perhaps the most important proposal for the reshaping of India’s future path during my tenure was the NDA government’s proposal to ‘Make in India’. I thought this was an excellent idea, for it would mean the government would focus on improving India’s capacity to produce, whether it be goods or services, either for the domestic economy through import substitution, or for the global economy through exports. I thought it important to clarify that making in India did not necessarily mean selling primarily to the export markets. Given both slow global growth, as well as increasing protectionism, we should not rule out making for the large and vibrant Indian market. Indeed, for a while, this could well be the primary growth market for Indian products. In the short run, we would probably make in India, largely for India. The longer run could be different, depending on how circumstances developed. This is what I laid out in my Dr Bharat Ram Lecture, delivered in Delhi in December 2014, which was primarily a speech about how we should manage risks if we catered primarily to domestic demand.



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