Strengthening liberal democracy is essential for growth: Raghuram Rajan
The Hindu
The under-performance of the country in terms of economic growth “seems to indicate the path we are going on needs rethinking”, said former RBI Governor Raghuram Rajan at the All India Professionals Congress conclave
Former Reserve Bank of India Governor Raghuram Rajan on Saturday said India's future lies in strengthening liberal democracy and its institutions as it is essential for achieving economic growth.
Warning against majoritarianism, he said Sri Lanka was an example of what happens when a country's politicians try to deflect a job crisis by targeting minorities.
Speaking at the 5th conclave of All India Professionals Congress, a wing of the Congress party, here, he said any attempt to turn a large minority into "second-class citizens" will divide the country.
Mr. Rajan was speaking on the topic 'Why liberal democracy is needed for India's economic development'.
"...what is happening to liberal democracy in this country and is it really that necessary for Indian development?.... We absolutely must strengthen it. There is a feeling among some quarters in India today that democracy holds back India... India needs strong, even authoritarian, leadership with few checks and balances on it to grow and we seem to be drifting in this direction," Mr. Rajan said.
"I believe this argument is totally wrong. It's based on an outdated model of development that emphasizes goods and capital, not people and ideas," said the former chief economist of the International Monetary Fund.
The under-performance of the country in terms of economic growth "seems to indicate the path we are going on needs rethinking,” he said.
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