India Cannot Afford to Ignore Manufacturing
Review article based on “Breaking the Mould: Reimagining India’s Economic Future” by Raghuram Rajan and Rohit Lamba
DOI:
https://doi.org/10.55763/ippr.2024.05.02.005Abstract
Raghuram Rajan and Rohit Lamba are clear that “Acche Din” are not here yet and the direction the NDA government is taking will not get India to the promised land soon. They recommend a strong push for services as against manufacturing, increased spending on education and healthcare, and devolution of power to local governments. They question the logic behind large subsidies to promote manufacturing when the jobs created in this manner are so few.
Keywords:
Economic growth, make in India, services, nationalism, federalism, Industrial PolicyDownloads
References
Annual GDP growth rate. (2023, Sep). Retrieved from https://tradingeconomics.com/country-list/gdp-annual-growth-rate?continent=g20
Bank, W. (2022). GDP by country. Retrieved from https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?most_recent_value_desc=true
Bank, W. (2022). Manufacturing value added by country. Retrieved from https://data.worldbank.org/indicator/NV.IND.MANF.CD?most_recent_value_desc=true
Bank, W. (2022). Manufacturing, value added (% of GDP). Retrieved from https://data.worldbank.org/indicator/NV.IND.MANF.ZS?most_recent_value_desc=true
Bank, W. (2022). Services, % of value added GDP. Retrieved from https://data.worldbank.org/indicator/NV.SRV.TOTL.ZS
Bank, W. (2023, September 27). The World Bank in India. Retrieved from https://www.worldbank.org/en/country/india/overview
Bhattacharya, S. D. (2024). Budget 2024 - The education angle. Retrieved from India Today: https://bestcolleges.indiatoday.in/news-detail/budget-2024-the-educational-angle#:~:text=When%20it%20comes%20to%20last,higher%20than%20the%20previous%20year.
Chemmankotil, M. S. (2021, December 14). India’s Next Software Boom: A New Tryst With Destiny. Retrieved from https://www.ndtvprofit.com/opinion/indias-next-software-boom-a-new-tryst-with-destiny
Forum, W. E. (2023). The Future of Jobs Report. World Economic Forum. Retrieved from https://www.weforum.org/publications/the-future-of-jobs-report-2023/
GDP per capita G20. (2022). Retrieved from https://tradingeconomics.com/country-list/gdp-per-capita?continent=g20
GOI. (2021, March 18). Free electricty to farmers. Retrieved from https://sansad.in/getFile/loksabhaquestions/annex/175/AU3890.pdf?source=pqals
Khan, Z. H. (1997). Why is China growing so fast. Bangalore: International Monetary Fund.
Krishna, S. (2021, December 17). Career Impact Bonds? Financing upskilling to fill the world’s vacancies. Retrieved from https://blogs.worldbank.org/peoplemove/career-impact-bonds-financing-upskilling-fill-worlds-vacancies
Mitra, D. (2022, September). Has the export-oriented manufacturing model reached its sell-by date for India? Retrieved from https://www.ideasforindia.in/topics/trade/has-the-export-oriented-manufacturing-model-reached-its-sell-by-date-for-india.html
Organisation, W. T. (2019). The Future of Services Trade. https://www.wto.org/english/res_e/publications_e/wtr19_e.htm.
Pai, N. (2010). Why India must swing. Retrieved from https://www.nitinpai.in/2010/05/26/why-india-must-swing
Press Information Bureau, P. (2022). SVAMITVA.
Reuters. (2023, July 19). India should cash in on 'China plus one' strategy - World Bank chief. Retrieved from https://www.reuters.com/world/india/india-should-cash-china-plus-one-strategy-world-bank-chief-2023-07-19/
Times, E. (2023, September 26). Chip wars: How India plans to trot out its old war horse, feeding it $2 billion. Retrieved from https://economictimes.indiatimes.com/industry/cons-products/electronics/chip-wars-how-india-plans-to-trot-out-its-old-war-horse-feeding-it-2-billion/articleshow/103955208.cms?from=mdr
UNCTAD. (2023). Handbook of Statistics 2023. UNCTAD.
WTO. (2023). The reshaping of global trade. WTO.
