Let’s not give step-motherly treatment to services: Former RBI governor Raghuram Rajan
Chennai: East RBI Governor Raghuram Rajan on Sunday said the service and manufacturing sectors have equal and important roles in India’s growth story, adding that the services sector should not be given ‘stepmotherly treatment’.
Rajan, who is also a member of the Tamil Nadu Economic Advisory Council, said the manufacturing sector should not be given much subsidy.
While addressing a session in Tamil Nadu Global Investors Meet 2024the former reserve Bank of India “Don’t oversubsidize manufacturing and don’t think it’s the only part of growth,” the governor said. “Services are also a big part of the growth story, and let’s make services a less liable stepmother to less valuable or lower-skilled jobs.” Don’t treat him like a child.
He said, “Think about tourism in the state. How many jobs can be created through the tourism industry? There are a lot of opportunities to create low and semi-skilled jobs through that medium.”
On Tamil Nadu’s goal of becoming a trillion dollar economy by 2030, Rajan said, “I think it is important to set ambitious targets and then see what happens. I think we have to make it possible. I think That we need to be as competitive as we can. It’s important to focus on creating an environment for the industry.”
Union Commerce Minister Piyush Goyal was among the top dignitaries at the Tamil Nadu Global Investors Meet 2024.
“I am glad that Tamil Nadu has adopted the ambitious vision of becoming a US$ 1 trillion economy by 2030. And I wish the government, industry leaders and the people of Tamil Nadu all the best in this endeavor to take Tamil Nadu to new heights. “Be engaged in.” Piyush Goyal said.
Goyal said the Central Government is working closely with the Governments of Tamil Nadu towards rapid industrialization, providing welfare to the people of Tamil Nadu and ensuring inclusive and sustainable development of the State.
Rajan, who is also a member of the Tamil Nadu Economic Advisory Council, said the manufacturing sector should not be given much subsidy.
While addressing a session in Tamil Nadu Global Investors Meet 2024the former reserve Bank of India “Don’t oversubsidize manufacturing and don’t think it’s the only part of growth,” the governor said. “Services are also a big part of the growth story, and let’s make services a less liable stepmother to less valuable or lower-skilled jobs.” Don’t treat him like a child.
He said, “Think about tourism in the state. How many jobs can be created through the tourism industry? There are a lot of opportunities to create low and semi-skilled jobs through that medium.”
On Tamil Nadu’s goal of becoming a trillion dollar economy by 2030, Rajan said, “I think it is important to set ambitious targets and then see what happens. I think we have to make it possible. I think That we need to be as competitive as we can. It’s important to focus on creating an environment for the industry.”
Union Commerce Minister Piyush Goyal was among the top dignitaries at the Tamil Nadu Global Investors Meet 2024.
“I am glad that Tamil Nadu has adopted the ambitious vision of becoming a US$ 1 trillion economy by 2030. And I wish the government, industry leaders and the people of Tamil Nadu all the best in this endeavor to take Tamil Nadu to new heights. “Be engaged in.” Piyush Goyal said.
Goyal said the Central Government is working closely with the Governments of Tamil Nadu towards rapid industrialization, providing welfare to the people of Tamil Nadu and ensuring inclusive and sustainable development of the State.
