India's Economic Future: Shifting Focus and Propelling Growth
Former RBI governor Raghuram Rajan emphasized the need for India to focus on high-value added services instead of manufacturing in order to propel the country into 'Amrit Kaal' by 2047. Rajan warned that at the current pace of growth, India will remain a lower middle-income economy and will start aging before becoming richer. He highlighted the importance of moving up the value chain in services, citing examples of developed countries and companies like Apple and Foxconn. Rajan suggested improving governance, human capital, and fostering an entrepreneurial society to achieve fast-paced growth.