Economics
Speak Free, Grow Fast to Skirt Social Unrest: Rajan to India
- India needs to grow at 8%-9% to create enough jobs, Rajan says
- Global investors worry intolerance may derail Indian growth
Rajan Warns Against Rising Intolerance
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India must boost growth if it’s to provide enough jobs for what will be the world’s biggest workforce, and history shows that some of the country’s best economic phases have come when society is most open, said Raghuram Rajan.
Speaking a week after data showed growth in Asia’s No. 3 economy unexpectedly slowed to 5.7 percent, the former governor of the Reserve Bank of India said the pace of expansion needs to rise to 8 percent or 9 percent. He sees higher private investment and a revival in exports as the way to spur activity, underpinned by ridding bank and company balance sheets of festering bad debts.