India should have an inclusive agenda, Raghuram Rajan said.India should aim for “a ten trillion dollar inclusive and sustainable economy by 2035” and the goal can be the guiding light for the next decade, suggests former Reserve Bank of India Governor Raghuram Rajan. This will require “8% growth a year in real terms” and can be achieved through an inclusive agenda, advocated Mr Rajan laying the roadmap for national growth agenda in an article co-authored with economist Rohit Lamba and published in The Times of India.“The government’s slogan ‘A five trillion dollar economy by 2024′ was a step toward this agenda. It was simple and had a definite timetable. It had one crucial problem, however-it was unachievable, even had the pandemic not intervened. While 2024 will come and go, we should rearticulate the slogan with some modifications; “A ten trillion dollar inclusive and sustainable economy by 2035” in an ambitious goal (requiring about 8 percent growth a year in real terms) but achievable,” said Mr Rajan.In order to achieve the goal of a $10 trillion economy by 2035, the noted economist believes India should have an inclusive agenda which should include minorities, the marginalised, and socially disadvantaged groups.“We cannot leave minorities, the marginalised, and socially disadvantaged groups behind, else we will perpetuate both societal disadvantaged groups behind, else we will perpetuate both societal division and economic stagnation. And sustainable because, we cannot afford to despoil our environment further without the environment hitting back in calamitous ways,” he wrote.Mr Rajan, who currently teaches at the University of Chicago’s Booth School of Business, also called for building India’s national pride around economic achievements rather than using nationalism as the only integrative force. With a strong economy, India can spend more on protecting the country and other nations will also seek India’s favour while economic growth will also help to project India’s soft power and values on a global scale, he suggested.“Equally important, a national agenda that ignites a collective search for inclusive sustainable growth can stir the blood of people and propel them to great actions. India needs an all-encompassing national focus on raising living standards, which will make India powerful, not so much to impose its will on others but to preserve India’s sovereignty, democracy, cultural values and diversity in the face of outside and inside threats,” he added.Highlighting the importance of national unity, Mr Rajan cautioned that outside powers could be exploiting the internal divisions in India. “Unfortunately, our ever-present divisions based on religion, caste and language are re-asserting themselves today. In part, the causes of this divisiveness are economic.” Raghuram Rajan also suggested that India should be careful to avoid economic isolation and too much focus on self- reliance and should have economic ties with many countries, so that many countries will be interested in India’s well-being.
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