Former Reserve Bank of India (RBI) Governor Raghuram Rajan's assertion that India is overestimating its economic growth has drawn criticism from economists. NITI Ayog member Arvind Virmani dismissed Rajan's comments as resembling those of foreign experts unfamiliar with India's economy.
Rajan's remarks, made in a Bloomberg interview, cast doubt on India's ability to become a developed economy by 2047. He emphasized the need to address high school dropout rates and improve education standards.
These statements have sparked a debate, with prominent figures like Mohandas Pai dismissing Rajan's arguments as disconnected from reality. Pai highlighted the decline in school dropout rates, increased college enrollment, and job creation.
Rajan, currently a professor at the University of Chicago's Booth School of Business, stressed the importance of achieving sustainable 8% growth. He criticized the government's prioritization of high-profile projects over addressing fundamental issues in the education system.