Raghuram Rajan on why democracy is ‘biggest advantage’ for India’s economy https://youtu.be/PUDaHgHC8ao?t=145 newslaundry
Jun 18, 2023 In a conversation with Newslaundry CEO Abhinandan Sekhri, former RBI governor #RaghuramRajan spoke about the role of artificial intelligence in economic development, competition in the news industry, and India’s response to environmental threats, among other issues.
In his keynote address at the Ideas for India Conference, organised by Bridge India in London last month, Rajan also examined India’s service sector and the significance of democracy for future economic growth.
“Our biggest advantage is our democracy. Would you trust 5G that is sold to you from an authoritarian country?” said the former RBI governor, reiterating the importance of decentralisation and investment in human capital development. “India has a reputation in services. Let’s build on it.”
Counters the myth that democracy hold back economic growth? Do we want to be the serfs of the production process or the Lords of the production process. ? Increasing percenage of production process is services, programming, high level skills nor low skill jobs like assemby.
The services bus which is the high value bus, requires open source intellectual properties. The services bus which is the high value bus, requires open source intellectual properties. we need democracy and non-surveilaance systems to drive this.. Need to focus on Human capital https://youtube.com/embed/PUDaHgHC8ao?start=1428&end=1754 Rather than spend huge amounts subsidizing assembly units, we need to focus on human capital..spend on schools, education, health etc.