Sawaimadhepur / Jaipur6 hours ago
Former RBI Governor Raghuram Rajan has advocated making policies for the benefit of the middle class. Rajan also participated in the Bharat Jodo Yatra. Rahul Gandhi interviews Raghuram Rajan on current and future economic issues on the terrace of a farm house in between visits.
Rahul Gandhi told Rajan – Hatred has spread everywhere in today’s world. If you look at many places from Ukraine, India can give direction to the world in this. India can play a big role. On this, Rajan said that democracy is our strength. Many countries are looking towards us that India can set an example.
Rajan said that there will be a revolution in the service sector in the coming times. Today, sitting in India, work can be done in America.
we can’t be against capitalism
Rajan said- Due to the closure of business during the Corona period, the inequality between the poor and the rich has further increased. The lower middle class has suffered the most, the upper middle class has not suffered. The poorest get ration. Amir is not harmed. We have to look towards the lower middle class, we should make policies for them. We cannot be against capitalism.
Rahul Gandhi’s question and answer with Raghuram Rajan
Rahul : Have you come to see rural Rajasthan?
Rajan : Had seen in the villages near Neemrana, how many factories have come up there, how much development has taken place. Village transform is visible.
Rahul : I remember when I was 9 years old, we came to Neemrana picnic, then bees attacked. My mother saved me by covering me with a blanket.
Rajan : They are protective.
Rahul :How do you see today’s economy?
Rajan : There were problems this year. Growth is slow, India’s exports are less. Commodity inflation. Inflation is a hindrance to development. The problem is with the numbers of economic growth. After Corona, problems have increased and reduced our growth rate. Even before the Corona pandemic, our growth rate was low. We have created it.
Rahul : Four-five capitalists are continuously getting rich in the country. Two Indias are being formed, one of the farmers and the poor and the other of these five-six capitalists. What should we do about this growing inequality?
Rajan : This is a big problem. The income of the rich class increased during the Corona period, because they could work from home, but the poor people had to go to the factory, which was closed. The monthly income stopped due to the closure of the factory. Due to this this inequality has increased further.
Rahul : Can there be a second green revolution?
Rajan : A second green revolution is absolutely possible. We have to think in a new way now. Pay attention to processing. Labor here should be used which is cheap. Processing units should be installed in the farm, this will save energy, the consumption of electricity and diesel will reduce.
Rahul : What is happening in America and the rest of the world?
Rajan Inflation is rising in America. Central banks are raising interest rates. This will reduce exports from India. Our production speed will be reduced.
Rahul : When I passed through Maharashtra, people there were saying that Bangladesh has done a lot with export policy, what should we do about it?
Rajan : One, their most important industry is textile, they make and sell clothes. Bangladesh has allowed big industry. There are labor women. Recruitment was done on a large scale.
Rahul : There is a big center of jeans production in Bellary, it was a big job. There more than 4.5 lakh people were engaged in this work. Jeans used to be stitched in homes, work used to be done on job work. GST, demonetisation ended everything. It is an industry from the time of the British. Today 50 thousand are left there.
Rajan : This sector should be given cheap loans. There should be uniformity in government policy, lest something is there today and may change later.
Rahul : There is not a single company in India which was small earlier and has now become big. In the US, a small company becomes big in five-seven years. Why doesn’t this happen in India?
Rajan : you are all right. Needs opportunity for growth. When you start growing, the government helps small businesses grow.
Rahul : Haldiram is the biggest example of expanding small business?
Rajan : We need many Haldirams. Small firm can provide big employment.
Rahul : Farmers say that as soon as their crops come, the commerce ministry decides on the export-import policy and the prices of their crops fall?
Rajan : This is a big problem, we keep saying that we are for the farmer, but the export-import policy is not for him. Onion prices rise, prices fall, the poor farmer suffers. There should be a sustainable policy of export import. If the prices increase too much, then you can import, there should not be a ban on exports, because there is a loss to the farmer.
Rahul : Unemployment is a huge problem, what is its solution?
Rajan People want government jobs because there is job security, but very few people can work in government jobs. Even if we open, only 1 percent employment will be available. We have to promote the private sector. If technology is brought in the private sector and agriculture, new employment opportunities will be created. We should look at the service sector, employment will be generated there. Many children did not go to school during the Corona period, they are three years behind in their class. We have to pay attention to these.
Rahul : First white revolution, green revolution, computer revolution happened, what revolution can happen next?
Rajan : There will be a service revolution in the future. We can work in America without going to America. The doctor can give treatment in America sitting here through telemedicine. We now need a new type of green revolution. We need solar plants, green buildings. We have many opportunities.
Rahul : Friendship with the security guards of Parliament, I asked what are you doing. He said he was having a lot of fun, he bought stocks, he was making money in them. There is a risk in the salaried class investing money in stocks. Financially weak people are also investing in stocks. New retail investor is pouring in, what do you think?
Rajan : They don’t understand how much risk is there in this. They have little money, the returns are good so they are also investing here. They don’t see what is the reason for the good returns. Crypto happened in America, its returns were amazing. Bitcoin went from two to three dollars to 67 thousand dollars, then came down. Mostly poor people buy when the prices are at high level, rich people sell at that time.
Rahul : Are you enjoying it?
Rajan : Sure, enjoying. You are going on a padyatra for communal harmony and peace, the country needs it. India has to be united.
Rahul : Peace, brotherhood is beneficial?
Rajan : You said in a speech that a house cannot survive a conflict between two brothers. Many people talk about suppressing the minority, there is an internal struggle.
Rahul Hate is spread everywhere in today’s world. If you look at many places from Ukraine, India can give direction to the world in this. India can play a big role.
Rajan Democracy is our strength. Many countries are looking towards us that India can set an example.
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