What is the impact of the demographic dividend on India's economy according to Raghuram Rajan
Discuss Raghuram Rajan's view on India not fully utilizing the benefits of the demographic dividend.
Raghuram Rajan, former Governor of the Reserve Bank of India, has highlighted the critical importance of the demographic dividend for India's economic growth. Here are some key points regarding his views on India not fully utilizing the benefits of the demographic dividend:
- Rajan emphasizes that India needs to invest in education and skill development to ensure that its large working-age population is equipped to fill productive roles in the economy.
- He argues that the lack of high-quality job opportunities and vocational training programs has resulted in underemployment and low productivity among Indian workers.
- Rajan suggests that India's focus on traditional sectors like agriculture and reluctance to embrace technological advancements limits the potential for leveraging the demographic dividend.
- He stresses the need for structural reforms and policies to encourage innovation, entrepreneurship, and job creation to fully capitalize on India's demographic dividend.
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