SPJIMR’s Centre for Financial Studies (CFS), in its latest webinar, held on 21st October, featured former RBI Governor, Dr. Raghuram Rajan in a conversation with SPJIMR Professor Ananth Narayan. Dr. Rajan gave his viewpoint on various aspects of the current state of the Indian economy and the way forward.
Dr. Rajan spoke on the current geopolitical situation and its impact on the world economy, the devastating economic impact of the Covid19 pandemic, and the upcoming US elections. In the Indian economic context, he spoke about a wide range of topics including the need for reforms in the land acquisition process and the overall financial system. He also spoke about inflation in the country and the necessity of targeted spending by the government for economic revival.
He cautioned India against import substitution under the ‘Atmanirbhar Bharat’ initiative, as the country had gone down the route earlier without success. He also said that in order for the country to become an export hub, India should ensure not to impose tariffs on the imports that would be required to assemble these exports. “In order to export, you have to import. Don’t erect huge tariffs and focus on creating the right environment for production in India,” he said.