Young India exhibits 'Virat Kohli mentality,' says Raghuram Rajan
PTC News Desk: Raghuram Rajan, the former Governor of the Reserve Bank of India, has voiced concerns about the trend of young Indian entrepreneurs seeking opportunities abroad rather than in their home country.
Rajan, known for his astute economic insights, highlighted that many of these entrepreneurs possess what he described as a "Virat Kohli mentality," expressing a strong self-belief and a desire to compete on a global scale.
During a conference at the George Washington University titled 'Making India an Advanced Economy by 2047: What Will it Take,' Rajan emphasised that India is not fully capitalising on its demographic dividend. He noted that despite the presence of a young and dynamic workforce, the country is falling short in providing adequate opportunities for growth and innovation.
Rajan pointed out that a significant number of Indian innovators are opting to establish their businesses abroad, particularly in locations like Singapore or Silicon Valley, where they perceive easier access to global markets. This trend reflects a dissatisfaction among young entrepreneurs with the current ecosystem in India and a desire for greater global expansion.
The esteemed economist stressed the importance of addressing the underlying factors driving this trend, emphasising the need to enhance human capital and skill sets within the country. He called for a deeper examination of why talented individuals feel compelled to seek opportunities outside India instead of contributing to its growth and development domestically.
While acknowledging India's potential, Rajan cautioned against complacency, citing the need for substantial improvements in job creation and economic growth. He expressed concerns that India's current growth rate of around 6 per cent, while seemingly positive, is insufficient considering the demographic dividend the country possesses.
Comparing India's progress to that of China and Korea during their demographic dividend phases, Rajan underscored the urgency of addressing employment challenges to fully realise India's economic potential.
In essence, Rajan's remarks shed light on the complex dynamics shaping India's economic landscape and underscore the imperative of fostering an environment conducive to innovation, entrepreneurship, and inclusive growth within the country.
- With inputs from agencies
