Make For India
In 2014, he cautioned against the 'Make In India' scheme’s effort to make India a global manufacturing hub, arguing that India had missed that bus. The domestic market, however, was so large that the policy should be 'Make for India'.
Rajan said in a speech to business students in Kashmir, “I am also cautioning against picking a particular sector such as manufacturing for encouragement simply because it has worked well for China. India is different, and developing at a different time, and we should be agnostic about what will work.”
Don’t Get Carried Away By GDP Growth Rate
Rajan’s description of the Indian economy as andhon mein kaana raja (a one-eyed king in the land of the blind), invited disapproval from finance minister Arun Jaitley, his junior minister Jayant Sinha as well as commerce minister Nirmala Seetharaman. But Rajan has repeatedly made the point about not getting carried away with the “fastest growing economy” tag.
"India is the fastest-growing large economy in the world. But as a central banker, I cannot get euphoric with India's economic growth rate as it is at the cusp of a substantial pick-up in growth. I see scope to grow faster, given the capacity utilisation and agricultural output," he said.
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